Having so little evidence and information about the phenomena http://en.wikipedia.org/wiki/Black_hole#Observational_eviden... the entire theory around black holes is a mathematical model that probably has nothing to do with the real phenomena.
Black holes can be observed in multiple ways:
1) radiation from infalling matter 2) gravitational lensing 3) dynamics of orbiting objects
Remember: we not see the moon by its own light. We see the moon by the light it reflects from the sun. That reflected light is a direct causal consequence of the moon's existence, and we quite properly take it as such... even though the moon emits no light of its own.
No one, to the best of my knowledge, has ever suggested we ought to treat the evidence for the Moon as scanty or inadequate on this basis. So the fact that the radiation we see from black holes originates from the heat of infalling matter, which is a direct causal consequence of the black hole's existence, should constitute similarly strong evidence.
Lensing and dynamical measurements are also quite direct, strong and compelling. There exist compact bodies with more than 1.4 solar masses, which is the limit for nuclear matter (we would have to be wrong about quite a lot of nuclear physics for this to be otherwise.)
The question is: what is the best theory to describe black holes, given we know based on this deep and broad evidence that they exist? Currently we have a rough combination of GR and quantum theory, and while the theory has issues, the claim it "probably has nothing to do with the real phenomenon" is minimally plausible.