It seems to me like pschedelics are being seen as a new sort of panacea. While they were probably disregarded for too long, do we have long term studies of their efficacy. The phase 3 trials I see only last for a few months.
While I would prefer the government help people first focus on their physical health and see what mental health issues clear up, I also see nothing wrong with letting consenting adults use whatever molecules they desire provided they are not operating dangerous machinery. Maybe it's a suitable bandage until people can learn how to dig into root causes.