It's not conformation bias at all, it's Occam's razor.
Simply put - if you have two competing theories, the simplest more rational one - usually turns out to be more likely.
One of the biggest problems with the Podcast, is that the vast majority of what David Fravor says - is just words, none of it comes with any evidence at all - there is a video of a strange object, but no video or photographs of any of the far more stranger stuff that was reported;
- Where is the actual evidence of the 50-100 meter object in the sea? (which could have been anything, if it was even there)
- Where it the video, that shows a craft hovering erratically above the sea,
- Where the footage showing the craft disappearing in two seconds?
On further investigation, it looks as though the videos which were published, were not from Fravor but from another set of pilots, Fravor says he saw the same things they saw, but none of that can be verified..
To me, it's entirely possible that Fravor made the whole thing up.