Yeah you guys are right, that's definitely a component. But in my experience, I was able to drastically improve the ease and capacity of my breath in a few months. It did help, but even after maximizing that potential I still had PEM.
That is the wrong end of the chain. Even isolated muscle tissue, in full oxygenation, is operating like its oxygen deficient in us. The issue is primarily cellular. It may or may not be primarily mitochondrial.
In the history of medicine there is not one proven disease in which thoughts cause the illness. Thoughts can, though, modify the response to illness, which can have symptomatic impact. The illness, however, is typically a brain illness, and the science is trending that way even for depression and PTSD.
There is one and only one kind of clear thought disorder, and I would not want to medicalize it. That is false belief structures, whether they are partially or fully false. This occurs in cults for example, and brainwashing for other reasons. But who decides? Are Christians right, or athiests? Or is it Buddhists or Hindus? How about left wing ideology? Right wing? Centrist? Once you start medicalizing this it becomes socially and politically problematic and even dangerous.
On the other hand there is a long list of disproven thought caused disorders. This starts with tuberculosis, then epilepsy; then both types of diabetes; arthritis; all cancers, and when that was shown to be nonsense, breast cancer; gastric ulcers, lupus, MS, asthma, and many many many more.
Batting average of these theories: zero success, huge failure. Yet still they persist, due to jargon laden rhetoric particularly in psychiatry. This gave rise to the terms nonscience (later pseudoscience) and psychobabble.
My answer is always: where is the reliable objective evidence? Theory is nice, but properly designed large scale studies, with objectively measured outcomes, is necessary.