Ok, well all this stuff that you're coming up with is called the Hard Problem of Consciousness, and it's a big topic with many many words written on it. And it's what the thread parent was saying wasn't satisfactorily answered by the glib "just a feeling" answer.
Good question.
It is a transient data structure.
Or a code structure if you prefer. A function that is executing. It can reference data.
When it is finished executing, it is disposed.