Your body thinks you're not getting enough oxygen. You're getting plenty, it's just that it all coming through that tiny hole tricks your body and that triggers panic sensations. Doing that several times exposes you to those sensations and you eventually get used to it and allows you to manage more intense sensations.
> Klein is a professor of psychiatry who studies the delightful field of “experimental panicogens”, ie chemicals that cause panic attacks if you inject them in someone. These include lactate, bicarbonate, and carbon dioxide, all of which naturally occur in the body under conditions of decreased respiration.
https://slatestarcodex.com/2017/04/05/the-case-of-the-suffoc...
It is also unethical to do it to with a reason, without explaining the risks first.