An observable is always the strongest evidence but there's also the improbability of a mathematical coincidence that can serve as almost as strong evidence. For example the fact that the Bekenstein-Hawking entropy of an Event Horizon comes out to exactly be the surface area divided by plank-length-square units, seems to me almost a proof that nothing really falls into EHs. They only make it to the surface. I'm not saying Holographic Theory is correct, but it's on the right track.

My favorite conjecture is that what happens is things effectively lose a dimension when they reach the EH surface, and become like a "flatlander" (2D) universe, having only two degrees of freedom on the surface. For such a 2D universe their special "orthogonal" dimension they'd experience as "time" is the surface normal vector. Possibly time only moves forward for them when something new "falls in" causing the sphere to expand.

This view of things also implies the Big Bang is wrong, if our universe is a 3D EH. Because if you roll back the clock on an EH back to when it "formed" you don't end up at some distant past singularity; you simply get back to a time where stuff began to clump together from higher dimensions. The universe isn't exploding from a point, it's merely expanding because it itself is a 3D version of what we know as Event Horizons.

Just like a fish can't tell it's in water, we can't tell we're on a 3D EH. But we can see 2D versions of them embedded in our space.