Yes, I think it's sociological in origin and the UFOs don't exist. There are probably a core group of "true believers" that are absolutely convinced that aliens exist.
Here's an example of a somewhat modern mass hysteria, which started in the 1980s: https://en.wikipedia.org/wiki/Satanic_panic
But the moral panic is where we see it everywhere, in the thousands, when it isn't. It's like a form of mass paranoia. And it's harmful not just because of the innocent people falsely accused, but that people were not letting their children out to play, out of fear of predators, which likely damages their development somewhat.
If someone could prove me wrong, I would be so excited!
Please prove me wrong!
We would have tons of https://en.wikipedia.org/wiki/Project_Azorian all over the world.