I've done a lot of tripping, and I've come to this same hypothesis independently. I believe this explains a great deal about the visual geometric and fractal patterns you can see on psychedelics and also that analogous things happen within the auditory processing system, memory, emotions, and so on when you trip.
So much of tripping comes down to turning up the gain on signalling in your brain, which causes feedback pathways to start resonating. This results in colour saturation, tracers, geometry, exaggerated patterns and edge detection, echoing, reverbs, increased impact of thoughts, and following thoughts down deep rabbit holes etc.
None of this is to reduce the experience, I love psychedelics and think they are super important. But that's whole other discussion.