The fundamental question here is simple. To what extent can the mind affect the body? There can be no argument that the mind has at least some effect: a straightforward example is mood and blood pressure. For now, let's assume that this extent can be large.
Following is the assumption that, while we have learned a lot recently, the total map of mind/body connections is enormously larger than our current understanding of it.
So, it seems possible to me that the placebo effect can have real, physical and measurable effects on a human body, given the above assumptions.
One way or another, decades of research of, to varying degrees, confirmed this connection, though we haven't made much progress in understanding the underlying mechanisms of action.