A more far-out explanation is that some form of stochastic quantum computing is going on, which has been proposed at many levels by biologists. There's some work being done on this idea. It would not be the discrete qubit form we are trying to do, which is impossible in a noisy wet environment, but something analog and stochastic.
Both are possible.
Also note that our current chips, in spite of the tiny feature sizes and a ton of optimization work, are not even close to the lower limit for energy cost of computation. They still are not very efficient.
My thought is you could probably set up something similar with today's technological capabilities but it would probably take decades to train and be expensive to develop which is commercially unacceptable.
I'm afraid we don't know much more than that yet.
We have created frankenrodents with human astrocytes and they are a lot smarter than their unfranked counterparts. I bet we could learn a lot if we repeated the experiment with astrocytes from humans with different, known IQs.