If I remember correctly they tried to match it up to every known language except Aztec.
Its Aztec—writen using Spanish Alphabet—Aztec herbs and plants—with mystical astrological applications. Like a medicial uses manuscript—made in Mexico City. That’s my take.
It’s been approached as if it were a natural language by most who’ve worked on it; there are also those who studied it and found it wasn’t a natural language. So, obviously, some degree programs are better than others. ;’)
The same has been claimed for the Phaistos Disk — that it was faked by the excavator; most who’ve worked on it don’t think so. Barry Fell published a translation in the ESOP 25-30 years ago, his at least made geographic sense.
A few years ago there was a flap about the Indus Valley Script — a couple of researchers (not linguists) fed the known inscriptions into a program and determined it isn’t a natural language; everyone else who has worked on it says it is, but it remains unknown. Some (probably most) accept that it conceals an agglutinative language, into which category many Asian languages fall, but there is at least one who claims it is Sanskrit. There’s a big stone with Indus Valley script carved into it that sets outside one of the old Harappan city sites, and it appears to be a “welcome to indusville” sign.