Passing the Recursive Buck
If you agree that objective attribution is just an strong hypothesis to explain subjective experience in the first place, then trying to explain consciousness as a subjective experience based on that hypothesis is redicules, it's like trying to explain cause of a cause by it's effect.
Now we can call it looking into the bucket of subjective experience and avoiding it, but in the end it's the only existential cause for objective explanation of the bucket at the first place.
I agree that loopiness! seems to be a characteristic of such phenomenon if it's looked upon from outside, but does it imply the conclusion that you are making?