There are three ways to avoid data transfer collisions on a bus:
Have a somewhat complex bus management protocol. Such a protocol has to be rather sophisticated, as when too simple, it will make the bus rather slow (see Token Ring, which is rather simple, yet inefficient). However, having a sophisticated protocol makes all components expensive as all of them require management logic and need to understand of how the bus actually works (see Firewire).
Don't avoid them at all, allow them but detect and handle them. This is also somewhat complex and the bus cannot guarantee any speed or latency as if there are constantly collisions, throughput will fall and latency will raise (see Ethernet without switches, see WiFi).
Have one bus master that controls who can use the bus at which time and for how long. This is inexpensive, as only the master must be sophisticated and the master can give any possible guarantee regarding speed or latency.
And (3) is how USB works and not even the master USB chips need to be sophisticated as the master is usually a computer with a fast CPU and can perform all bus management in software.
USB device chips are dump as toast. They don't need to understand the nifty details of the bus. They just have to look for packets addressed to them which are either control packets, e.g. requesting meta data or selecting a configuration, data packets sent by the master, or poll requests from the master saying "if you have something to send, the bus is now yours".
To make sure the master polls them on time, they hand out a simple description table on request, that explains which endpoints they offer, how often those need to be polled, and how much data they will at most transfer when being polled. The master can use that information to build up a poll schedule that ensures that all devices are polled on time and get the bus for long enough to allow their maximum transfer size. Of course, this is not possible under all circumstances. If you connect too many devices that require very frequent polling and always want to send a lot of data, your system may refuse to add a new device with the error, that its poll requirements cannot be satisfied anymore. Yet that situation is rare in practice and USB is limited to 127 devices (hubs count as devices, so does the master itself).
Power management works in a similar way. Every device tells the master how much power it needs and the master ensures that the bus can still deliver that much, taking active hubs into account. If you connect another device and the bus cannot power it anymore, adding the device will fail with an error.
This allows a fairly complex, powerful, and fast bus system, yet with components that don't even need a real CPU. The simplest USB chips out there are just bridges to a serial data line (like an internal RS-232 bus or an I2C bus) and there is nothing really configurable and they cannot run software or have a firmware one could update. They just place incoming data packets into a buffer and then sent the buffer content bit for bit over the serial bus and they receive serial data in another buffer and return the buffer content when being polled. As for telling the master the configuration (including device and vendor IDs, as well as human readable strings), they simply send the content of a small external EPROM. Things cannot get much simpler than that yet such a chip is enough to build plenty of USB hardware already.
