There had been many “paraphysical” interpretations of the UFO manifestations, some of these interpretations even coming from people with academic training.
But Anomalies/UFOs are observable, anything registering on instruments is very real and part of reality, any interpretation of reality that postulate the existence of something beyond that reality and not observable is a capitulation of the scientific method and it is introducing an “artificial” element, in other words: it is speculation.
The very concept of “paranormal” is self contradictory because it assumes implicitly the capacity to discern what is “not normal” and then that implies a full knowledge of what is “normal” or part of reality, but that knowledge is not existent, anything observable, that is detected on instruments is part of reality and “normal”.
Reality, and anything in it, is in principle comprehensible and that is at the core of the scientific view of reality.
Even when anomalies manifestations may appear “unnatural” and incredible, they are observable and registered on instruments that automatically makes them real and amenable to scientific study and understanding.