At its very worst, I see I-M as a placebo, just like that grapefruit pill was for many people when it was a fad.
As a psychological tool (labeled by psychologists as "self-fulfilling prophesy" rather than as I-M) it shows results far greater than as a simple placebo, and does seem to work miracles on the human mind.
If science happens to be using a false assumption about the nature of the universe, and reality is subjective, well, you can follow the train of logic there.
Regardless of whether I-M is a placebo, an extremely effective tool, or the cornerstone of existence, the effect of I-M on nearly everybody who gives it an honest try is positive. Regardless of why, it is effective. Psychology actually sums it up pretty well, and therapists use "self-fulfilling prophesy" rather liberally to give people the extra push that they need to get out of their ruts and become more successful. They just don't tell you that they're using a simple trick on you, because if you knew that, it might not work as effectively.
In any case, the most effective way for I-M to work is if a person believes that it works absolutely, even creating things that would seem impossible in an objective reality. It works just like the grapefruit pill. A person who believes that a grapefruit pill will make them lose weight will use that as added motivation to also exercise and eat a proper diet, simply because they now believe that they have an extra trick up their sleeves, so this time it actually will work. People just looking for a quick fix will still be disappointed.
If you insist on being entirely objective, do not forget about the power of a placebo.