Part of this is a problem of trying to figure out what we're actually talking about. Tinnitus is a symptom that probably has at least several causes. It's generally believed to be a result of some form of damage to they hearing system. It includes:
1. The ear organ, which largely exists to protect the sensory tissue, and make things work smoothly.
2. The sensory tissue which is composed of hairs and mechanoreceptors (this is technically part of the ear).
3. The neurons that connect these mechanoreceptors to the brain.
4. The aural (audio) parts of the brain.
I think the theory is that the damage from tinnitus happens in 2, 3, or 4. If it is a problem in the brain, it's often impossible to tell if it's "psycological" or not, and that may be a false dichotomy. I think that some degree of tinnitus is normal in the healthy population, so maybe it's just a natural state that sometimes goes off the rails and gets bad enough to be labelled "disease".