For anyone interested in this story and more you should check out Michael Pollan’s book How To Change Your Mind.
It goes into quite a bit of depth on how this story came to be, the motivations, impact to culture as well as the impact to the indigenous tribe(primarily a single woman) that allowed LIFE magazine to cover this ritual.
Beyond psilocybin he covers the history of LSD, DMT and some more obscure psychedelics I hadn’t heard of.
If you have no knowledge or experience with psychedelics but want to understand why they became popularized and then demonized I recommend the book highly.