A serious conventional interpretation does not require one explanation for every report. It can begin with spurious or anomalously propagated radar returns, add ordinary lights misjudged at night, and then account for the rest through expectation and escalation once fighters have been launched.
Radar systems can produce false or duplicated targets. Atmospheric propagation can create unexpected returns. A bright planet, distant aircraft light or ground light can appear to move violently when a pilot lacks reliable range information. Once crews are being vectored toward “targets,” ambiguous lights become much harder to assess neutrally.
Other suggestions include meteors, bolides, orbital debris or upper-atmosphere optical phenomena. The weakness is not that these mechanisms are impossible; it is that no single published mundane reconstruction has yet matched the specific multi-hour sequence, radar plots and named visual contacts event by event.