It does to those desperate for their little happy ending/wish fulfillment with space waifu and whom want to think BW didn't screw up. The idiotic IT was never anything more than a "get out bad endings free card", which is why these ITers trying to pass off their little fantasy as a legit "theory" always made me LOL.
While I do largely agree on the "get out of bad ending free card", I am not sure if it had anything to do with the happy ending/wish fulfillment concept.
Don't get me wrong, I am sure we have both seen many ITers clamor that they wanted a happy ending for shep and crew - this I know.
However, I think the predominant aspect of IT - in how it came to being - was a culmination of a few things:
- Disgust or repulsion from the vanilla ending and the presentation
- Disbelief of the event and possibly feeling tricked or cheated
- Lack of narrative coherence in the ending that caused too many questions and implausibilities
- Brand strength of Bioware's products (and the ME series as a whole)
- Post-Purchase Rationalization*
*=http://www.jstor.org...an_tab_contents
*=https://en.wikipedia...rationalization
Now, that - along with the power of the internet and the ability to form communities will inevitably lead to group think. Add to this we now have human nature taking over (in that humans do desire to have a sense of community and validation and we have the sense of superiority from 'figuring it out' when everyone else did not). I reason this out because many IT arguments seem to follow the core belief (or assumption) that: "It HAS to be a dream, there is NO WAY that is/can be real". Add to that a strong sense of community from others who agree with you and validate your statements, and the confidence/ego boost that was the idea that you somehow figured something out that no one else did and you have a great social study. 
That is what I at least observed. I am sure there are outliers, but from what I saw, yeah, those were the strongest pointers.
I should note that ITers aren't crazy or delusional people, nor are they bad. They are humans - susceptible to the same things anyone is susceptible to. Hell, I know I have been in a situation like that at an earlier time in my life lol.