On a more serious note, I suppose not all toilet paper is created equal!
Indeed toilet paper certainly isn't all created equal
so I always specify the type and amount. Also one can sometimes use something like coffee filters but do not have the exact same effect.
The recommendation to try it with toilet paper is because it is always around and most people buying more expensive headphones usually do not buy the cheap 1-ply toilet paper.
The fun thing is you can easily try this, cut to size (very delicate plies) and vary the amount at no extra costs.
Then one can either keep it in there or buy some felt which does a similar (but not same) thing in the correct thickness for better longevity.
OLLO themselves used a silk screen in the S4R and S4X which also had a similar (but again not the same) effect.
It usually works better than EQ because it not only affects just frequency response but also creates damping which EQ does not do.
Especially when there is 'sharpness' between 8kHz and 15kHz which is impossible to spot with industry standard measurements but can be there and cause listening fatigue.
That said, toilet, damping or coffee filter paper or felt are not always the best solution. This depends on many things though. In a lot of cases EQ actually works better because, as you say, it can be targeted. However, in the OLLO S5X the felt I use is clearly superior to any EQ I tried during experimenting and filters I made.
Toilet paper also works great but as it cannot sit 'firmly' between the metal frame and pad so felt is a better solution but... the effect can be tried with toilet paper.
You probably have read
THIS but those who have not may find the toilet paper experiment interesting.