The ELI5 is likely too simple to satisfy you. There is no evidence for it and it doesn’t line up with the evidence we have. It’s a “theory” more in the layman’s use of that term, e.i. it’s an idea someone thought of that might be possible. It’s not a theory in scientific terms because it doesn’t fit the existing pattern of data.
I think it attracted more criticism because it became briefly quite popular and well known, despite lacking clear evidence. Other theories have either attracted less attention over all or have been a better fit with the available evidence.
If you’re interested in the subject can I recommend a book called ‘The Eternal Child’ by Clive Bromhall? It’s a zoologist’s take on how neoteny has shaped humans, both physically and mentally. Fascinating.
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