You ever hear people referring to how psychedelics "remove the filters of the mind" - they don't really do that in a scientific sense, they bind to 5ht2a receptors and produce an altered perception.
Ego loss however, whether achieved via psychedelics, dissociatives, meditation, or whatever - does do exactly that.
Imagine you are a farmer, you have a plot of land, next to it, Bob has a plot of land, and on the other side, Jack also has a plot of land. This is like the ego, your land is different from Bob's land which is different from Jack's land. When you lose your ego, it's just land, and they're just people, there's no Bob, or Jack, or you, there are just three humans, and some land.
First as you start to break away from your ego you experience duality, black and white, yin and yang, good and evil, dark and light, everything has an equal opposite, all in balance. Then as you delve further you will experience the source, the one truth that is beyond our regular perception that all who experience it can agree on - we are all one, there is no you, no me, no him, no her, no that, no this, no there, no here - just one, the separation is an illusion produced by the ego. Now we can all argue what this means for us - many will agree that if we are all one, we are "God", and God is not some guy sitting in the clouds, but all of everything, and that one - us, you, me, everything, created the ego and the world as an experience for us to go through, the ego allowing us to experience it as if it was real and not just a game conjured up by us, and that after death we either indulge in another same or different experience, or return to the source.
The ego frees us from problems or worries, as there is no us in the first place, just one, and we are filled with the purest of love and happiness. The best part of all is speaking to someone else who has also experienced ego loss, both of you realise you are one and the same, and you can both be much more compassionate, accepting, and truthful people because of this.
If you're religious, the best way to look at ego loss is as the return to the Garden of Eden. I believe the Garden of Eden is a metaphor for this. Eve takes the fruit from the Tree of Knowledge, eats it, and is thrown out of the Garden of Eden - I see this as the creation of the ego, Adam and Eve have been given ego and now cannot see or experience the Garden of Eden any more. But when one dissolves the ego, the beautiful garden can be experienced again.
