When one takes into account the number of stars in a galaxy, the number of galaxies in a local group, the number of local groups in a larger group, and then realize that this is a pinprick in the scale of the the universe then it becomes very difficult to believe it is unlikely for life to exist elsewhere.
Given these scales it seems likely there is even intelligent, social, communicative civilizations out there.
Unfortunately, for all intents and purposes anything out beyond a few hundred light years is irrelevant (mostly) because there is no way to interact in a practical way given the laws of physics, so that doesn't leave much to focus on.
Being the greatest question for humanity it's worthwhile looking for extra terrestrial life in whatever form it may take though.
There is always the possibility that there is some way to...circumvent...the currently understood laws of physics that some tourist alien race has discovered but that's too much of a long shot by logical reasoning, although it can't be completely discounted. Instead I think the "UFO" phenomenon is fascinating insofar as it shows a larger social dynamic (even if there really are a few "real" sightings, whatever that entails, amongst them).
The thing is to not only keep an open mind to the chance that a low probability option may turn out to be reality, but more so to keep an open mind that just because you can't explain an experience, despite what you know, does not mean that you are interpreting it right.
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