We have been looking for an obvious pathogen cause for a long time, and have not found it. We have evidence that many pathogens can trigger the illness, most of which have three properties in common - they are intracellular pathogens that infect both the gut and B cells. There is a long history of post-polio and post-Q fever, and now we have things like post-SARS and possibly post-Lyme. Of course what "post-" actually is is debatable.
Further we have evidence of ongoing damage to the immune system and metabolism. While a pathogen might be a cause, there are at least three additional possible causes: autoimmunity, autoinflammatory, and mitochondrial dysfunction. We have evidence of all three.
None of this proves its not a pathogen, and my leading contender is enteroviruses, as these have the right lifecycles (not just the lytic lifecycle), incubation period and tissue affinity. Please note that the incubation period that is understood (around 7 days) may only be for the trigger and not the causative agent.
So there are four possible categories of causative agents, not counting risk factors/predispositions like genetics. It looks very much like genetic susceptibility is part of it. So the four possible causes are pathogens, auto-immunity, auto-inflammatory and mitochondrial.
Yet here is the real kicker. It might take more than one to trigger to cause it. These things might work in combination. It might also take more than one pathogen. It might also be that all these things cause it, but in combination all together. Different causes maybe be present in different subgroups.
Other possibilities requiring research include environmental toxins.
The only thing I do not include as causative is any psychogenic hypothesis. They have been proven wrong numerous times, and not once proven right.
We have very close to a diagnostic test in the 2-day CPET. Presuming the science keeps developing the way it has, for mild to moderate (and I think even severe and very severe with modification) we have either a diagnostic test (though we need a much better one) or something that at least proves severe physical disability.