* Aliens (which in fairness, is the easy thing to accept here)
* Aliens that have the technology and means to travel vast distances to our solar system, and then on to earth
* (Alternatively) Aliens that have the technology and means to hide their presence in nearby solar systems and also still pretty good technology for traveling long distances
* A desire in these aliens to regularly and specifically visit earth (otherwise we wouldn't have sightings over such a long period of time)
* A desire to avoid being spotted by humans (otherwise we should surely expect far more of these sightings)
* A consistent inability in these aliens to avoid being spotted despite the aforementioned desire and technological capability (otherwise we would have no sightings at all)
* A very heterogenous set of equipment, vehicles, creatures, and patterns to account for the wide range of different reported sightings
* A desire by the government to keep this information hushed up (in fairness, this might not be required, but it seems insisted upon by every UFO believer I've ever heard)
* An inability by the government to keep this information hushed up
* A conscious choice by experts and the media to be sceptical of this story even when evidence is leaked or released
In fairness, all of this stuff could be true. If the evidence points to it, we should be willing to accept crazy claims like "this particle is actually also a wave" and "black holes exist". But extraordinary claims require extraordinary evidence, and repeated, consistent evidence. And that's what the whole "UFOs are aliens" lacks. There is a handful of circumstantial, fuzzy evidence from photos and videos that show wild things but aren't consistent with each other, and at best support one or two of the claims made above.
For me, that's the biggest issue here. It's not just accepting that some shiny ball of light might be an extraterrestrial vessel, it's also building a full theory out of that assumption that actually makes sense. Every interpretation I've seen requires so many crazy assumptions that it's very difficult to take the whole thing seriously at the end.