Like meditation, psychedelics are a tool that many humans have used to achieve profound and insightful states of consciousness going far beyond the ordinary ones we experience in our daily lives.
Compared to meditation they have different pluses and minuses. They can have profound transformative effect, and take you into amazing places, without requiring years of preliminary practice first. On the other hand -- like meditation but perhaps even more profoundly so -- they can induce all sorts of confusion, states in which one part of the mind fools the other and so forth.
The criminalization of psychedelics in most modern societies has made it difficult for their potential to yield positive transformation in the contemporary context to be thoroughly explored. This is a real shame.
However, it seems likely that once technology has advanced further, we will have far less crude means of altering our state of consciousness. Psychedelics and meditation will then be viewed as blunt instruments for modifying brain dynamics. Once brain dynamics are better understood ... and especially, once we have either nanotech for pliably modifying the brain, or uploading that puts our minds into more pliable substrates ... then we'll be able to shape our state of mind the way a master sculptor shapes a hunk of clay.
And then, "drugs are bad" won't be a moral judgment, but rather a realistic assessment of their relative effectiveness!