Science

In some cases it can be hard to tell them apart. But take fever relief medications as an example. There's no reporting at all, you measure the temperature difference before and after taking the pill. And yes, the placebo effect exists here and does lower temperature, but the medication is much more effective. There are even placebo surgeries to test the effectiveness of a surgery protocol.

A very good video on the subject: https://youtu.be/tefIopDJQBQ

People who support drug legalization or just like drugs in general and sign up for these trials may be incentivized to lie about their experience. Even if they subjectively experience no improvement in depression ("no placebo effect" situation), they might lie and say they did to make psychedelics look more useful. As the article says, it is hard to setup a double-blind experiment since the psychedelic effect is pretty unmistakable.

The difference is that placebo is an objectively measureable benefit, regardless of whether they report being better or not.

Misreporting is a reported benefit, regardless lf whether they are objectively measureably better or not.

E.g. joint inflammation could be an example. Measurable reduction in inflammation with a calipers could be induced by placebo, even if patient doesn't report feeling better. But reporting feeling better may not come with any measured reduction in swelling.

Placebo is not (just) in the mind, it is in the entire body!

I acknowledge it is less clear-cut in mental health, but I just wanted to answer the general question outside of this specific context.