Joe Rogan interviewed David Fravor, a retired Navy pilot, alongside a documentary maker who was interested in UFOs.
The conversation was cautious but not particularly skeptical.
It sounded like Mr. Fravor saw something in his airspace with his own two eyes. I don't know what it was (blimp, foreign aircraft, whatever), though I doubt it was extraterrestrial. (Extraordinary claims require extraordinary evidence)
I couldn't spot anything obviously wrong with Mr. Fravor's story by itself.
On the other hand, if the DoD wanted to nudge their pilots to report things they see, and had a story like David Fravor's to put out there in order to encourage current pilots to report what they see, that would be a propaganda event to encourage, so to speak, at least by declassifying harmless footage and not squashing the story.