The thing is … consciousness in and of itself doesn’t necessarily feel like anything. It’s the content of conscious awareness that feels quite rich, at least human consciousness seems to allow for a variety of experiences. Maybe most people just conflate the mechanism for consciousness with the whole diversity of experiences they have. That might be why a simple mechanism isn’t accepted as a proper explanation for the whole shebang.
Of course, even if we accept the minimal definition (consciousness as a self referential process), there’s still a lot left unexplained. Not so much in regards to consciousness in principle, but in how exactly it’s done in the brain, and certainly in regards to human experiencing – or
human consciousness, if you like.
And yes, we would eventually have to deal with “qualia” as well (or whatever you like to call it). When it comes to “how it feels like…”, we might have to seriously consider if a particular substrate is required for the type of possible experiences produced within a human system, at least from a
practical perspective, when trying to emulate such a system in another one (with different architecture and functional geometry).
Rodolfo Llinás has some intresting ideas about consciousness and qualia. (The last three short clips here:
Llinás on consciousness and qualia.)