I think it's pretty disingenuous to present those two takes as being equally bad. Yes we don't know everything and leaving room for extraordinary things to happen is healthy, but I have yet to see evidences that aliens have cause a UAP. On the other hand we have good empirical evidence that sighting of unusal phenomenas with perfectly mundane explanations can, and do, create testimonies of so called "alien visitations". We even have pretty good psycho-sociological explanations for why this happens.
So without even looking at the specific details of a particular UAP sighting, coming at it from the angle of "people probably saw weird stuff and their brains filled the gap" is the right approach in my opinion. That doesn't mean we have to stop here of course, but it is a sensible default position.