Conspiracy theory incoming! UAP/UFO masquerading as a balloon spy satellite, as an almost hilarious cosplay meant to flabbergast US government and all world govts by extension.

American and Chinese government agree to a narrative about a balloon, because all world governments conspire from time to time to explain the Phenomenon using each other as scapegoats, and all governments prioritize the secrecy of instances of the Phenomenon showing itself to the general public.

Meanwhile, The Others are just doing what they do best: appearing out of no where, allowing themselves to be seen, and disappearing later when it suits them.

A weird example of the "bigger picture" showing up to briefly influence Earthlings on a grand geopolitical level. Why they show up is anyone's guess, what they really are "doing" when they reveal themselves.