[Pietertje]

And this has been going on for ages and we simply are universe X in time.

Alternative hypothesis the OP seems to refer to is the one of Lee Smolin in which a black hole from a previous universe creates a new universe. Smolin wrote a book about his theory, The Life of the Cosmos. I haven't read it nor do I know / understand his theory fully, so interested to learn others viewpoint on this theory.