Step back for a second. Cosmic rays were first discovered in 1912. This particular property of cosmic rays is exactly predicted by special relativity, which was proposed in 1905. There are no free parameters here that can be fudged by experiment. Special relativity gives an exact prediction on the relative abundances of muons at high and low altitudes that is dependent upon the energies and the measured rest-frame decay time of said muons.
1 apple+1 apple=2 charles mansons. Just because the math works doesn't make your explanation for that math infallible. Yes, the numbers predicted the effects of moving decaying material... Does this mean decaying material decays more slowly while in motion, or that it ALWAYS decays at the same rate, but time itself bends?
Now... if WE see those particles traveling at nearly the speed of light... yet we know that each particle is experiencing time at 1/20th of our rate, what are we to say of it? All parties agree on the DISTANCE it traveled... but it traveled the same distance in 1/20th of the time we experienced, while WE clock it at nearly the speed of light? Equal distance in 1/20th the time=that particle's frame of reference puts it as going 20x as fast as what we see (nearly the speed of light).
Of course, I pulled "1/20th" out of a hat... but I'm sure you get the idea. Whether it's really 5% of our perception of time or 1%, you only change the factor by which to multiply our perceived speed to deduce it's perceived speed.
... you can't balance "going faster" with "slowing time" ... because that creates a paradox... the same distance is covered during a shorter period of perceived time, increasing perceived speed... slowing time more... increasing perceived speed... slowing time more. etc.
And you think that making up an entirely new physical process is a simpler explanation? Come on! How else could this prediction have come true if special relativity weren't rather accurate?
Numbers were fine, or close enough to account for an acceptable margin of error.... The numbers don't give the mathmetician free reign to plug whatever reasoning he wants into those numbers... i.e. 1 apple+1 apple=2 charles mansons. Likewise... yes, decaying material decays slower... possibly because it just decays slower while moving rather than time itself being manipulated.
Remember, all things are relative... If you experience time based on your speed relative to the earth.... what if you travel between the earth and the son? Do you experience time based on your speed relative to one celestial body over another? Do all of us simultaneously experience time at different rates relative to all bodies in the universe, or indeed all other theoretical points of reference throughout the universe?
Again... remember all things are relative... We think time stops for a beam of light traveling toward us because it's moving relative to us... but relative to all photons, they are standing still experiencing time normally, while all other matter in the universe is moving at the speed of light relative to each photon.... and because EVERYTHING else is moving at exactly C relative to each other beam of light, time stops for everything else in the universe... so who's correct?
Based on SR, neither are incorrect... so time is stopped for every photon AND everything EXCEPT each photon...
... either that or there isn't a universal constant/limitation.