It would be a simpler explanation, but that would require that the distances to _all_ galaxies are overestimated. Presently there's no good evidence that our distance estimates for galaxies are systematically overestimated.
Something like this did happen in the 1940s, when it was discovered that a key type of star in the cosmic distance ladder (Cepheid variables) actually came in two types, with different period-brightness relations. Recognizing these two types and correcting distances doubled the distances inferred to nearby galaxies: https://en.wikipedia.org/wiki/Cepheid_variable#History