What the model shows
Ripples running outward behave like a peristaltic pump: each crest pushes a little air toward the rim, so the gap settles below room pressure and the disc is pulled toward the ceiling. Reverse the ripples and they pump air in and push the disc away. A disc that only bounces as a whole is pushed away too; that is squeeze-film levitation, the effect used to float things on air. Ripples that stand still barely do anything.
So the model agrees with the explanation in Steve Mould's video as Hackaday reports it: it is the travelling, outward ripple that makes the suction. Faster shaking, against how quickly air can leak out at the rim, makes every effect stronger.
What it is and is not
This is my model, not the paper's. It is the isothermal, compressible Reynolds equation for a thin air film on a disc, with the motion prescribed and room pressure at the rim:
∂(P·H)/∂T = (1/σ) · (1/R) ∂/∂R ( R · P · H³ · ∂P/∂R )
P is pressure over room pressure, H the gap over its mean, R the radius over the disc's, T the vibration phase, and σ the squeeze number (the first slider). It shows the mechanism, not the force on a real card: the real disc bends in response to the air, and here it does not. I checked the solver by doubling and halving its grid: the averaged pressure moves by less than 1%.
The experiment it is about: Siqian Li and colleagues at Nottingham drove a PET disc of 6.93 cm radius with a small vibration motor at 100 to 200 Hz. Above 140 Hz the grip rose roughly in a straight line with frequency, and the system held more than 51 times its own weight.