It's suns and shadows on sea surface. IIRC some of videos show target ranging, which is around the altitude the aircraft were flying, in miles. Aircraft altimeters are almost always in feet so pilots generally don't immediately notice that.
Parallax effect? Echos? Misinterpreted sensor readings... endless list of possibilities and combinations. Have a lot of sensors, see a lot of odd things - nothing new.
So what? Something caused that observation, but it wasn't something extraterrestrial. You also have to allow for one of the sensors to be wrong/noisy etc. and then being interpreted through the lens of observation via another.
Doesn't work that way: there is always an infinite list of possibilities without evidence to the contrary if you allow for a wide enough "solution space" (even if you have already an explanation).
4) The speed of movement is inconsistent with balloon
6,7) is possible but would require some fundamental physics breakthrough kept in secret
10) There were multiple jet pilots at the scene including top gun instructor. Their account is confirmed by video and radar from the ship.