@bobcampbell, what you have described is a nice way to visualize the information feedback dynamic that is occurring in shaping our holographic reality. However, in terms of a true physical explanation it is incomplete, and this is because the Copenhagen interpretation (of the Thomas Young double-slit experiment) is fundamentally untenable. It is a mathematical formalism that works, however at a conceptual level it is not describing the real physical dynamics at play.
First it is important to understand that the Copenhagen interpretation does not require “observation by a conscious observer” to reduce the wavefunction—the wavefunction will collapse as soon as a particle in a superposition interacts with the “environment”, as the environment can function as the observer or “measurement”. However, the environment and its relation to a particle is loosely defined and subjective, the universe is full of subsystems, any of which can play the role of observer. And in fact, today’s more advanced theories (Pilot Wave, Many Worlds, Absorber Theory, Transactional Int.) have no wavefunction collapse at all; as Leonard Susskind puts it “the only thing that happens is that the overall wave function evolves unitarily and becomes more and more entangled”. The universe is an immensely complicated network of entangled subsystems, and only in some approximation can we single out a particular subsystem as “the observer”.
As well, in Bohmian mechanics there are hidden nonlocal variables, which is to say that wavefunction of the universe is completely deterministic, so all “subsystems” within it are deterministic as well if you know the universal wavefunction. Again, there is no place for wavefunction collapse. The entire systems just evolves along becoming more and more entangled and ever increasing in coherence, and consciousness is present in every conceivable spacetime node—shaping that evolution via information feedback and feedf-orward interplay.