Mr. Poopybutthole Is A Version Of Morty
A lot of the theory comes down to the fact that Mr. Poopybutthole seems capable of traveling the multiverse in a way that we haven't seen from anyone besides Rick and Morty, breaking the fourth wall and watching the duo's adventures on TV in the post-credits scene from the Season 2 finale "The Wedding Squanchers." It's almost like he has access to some sort of interdimensional cable box, allowing him to observe other realities in the form of a television show.
Then there's the interview with CinemaBlend where "Rick and Morty" co-creator Dan Harmon posited that "Maybe Mr. Poopybutthole takes advantage of the holes put in your memory" by the parasites from "Total Rickall" and "kind of burrows into those pre-existing holes." That would make Mr. Poopybutthole a parasite in his own right — something that Ricks have a habit of accusing Mortys of being — and one with a name implying that he's, you know, excrement-y. Like how Rick constantly describes Morty, in less polite terms.
The coincidences don't stop there. Both Mr. P and Morty exhibit stammering speech patterns and similar catchphrases. There's even a Morty variant in the mobile game "Pocket Mortys" that wears almost exactly the same shirt as Mr. Poopybutthole. If nothing else, it's a compelling theory, and only a little more out there than a story about a scientist turning himself into a turkey in order to secure a presidential pardon.