An observation is not really a prediction of anything but itself. If I observe that it is daytime where I am, that on its own is not predicting anything beyond what I already saw: the sun in the sky, the bird on the wing, and so forth.
It’s technically possible for something to be a pure observation, but what usually happens is you use some aggregate concept to describe your observations and this concept implies some predictions. So...
What do you mean by “accounts for the existence of subjective experience”? “Consciousness is existence” accounts for the existence of subjective experience (or rough description of how brain works accounts for the existence of subjective experience otherwise). It (in combination with physics) predicts that the brain like yours would experience things. And you can confidently predict that when we have better neuroscience it would predict what someone will experience with better precision. You can call it magic, but it’s the same magic you have with the concept of existence anyway, so usual anti-magic heuristics don’t apply (or it should be argued separately that existence is useless/incoherent concept and it would still result in physicalist account of consciousness). Or you can call it fallacy, but then it would be a fallacy that works in real world.
It’s technically possible for something to be a pure observation, but what usually happens is you use some aggregate concept to describe your observations and this concept implies some predictions. So...
What do you mean by “accounts for the existence of subjective experience”? “Consciousness is existence” accounts for the existence of subjective experience (or rough description of how brain works accounts for the existence of subjective experience otherwise). It (in combination with physics) predicts that the brain like yours would experience things. And you can confidently predict that when we have better neuroscience it would predict what someone will experience with better precision. You can call it magic, but it’s the same magic you have with the concept of existence anyway, so usual anti-magic heuristics don’t apply (or it should be argued separately that existence is useless/incoherent concept and it would still result in physicalist account of consciousness). Or you can call it fallacy, but then it would be a fallacy that works in real world.