We don't know much about the period. People have a lot of interesting ideas.The legend does fall into the period of the Bronze Age Collapse with the Sea Peoples, and is represented in Hittite texts as Ahhiya and Wilusa (Achaeans and Troy). Some consider the attack on Troy by the Mycenae to be one of the agressions of Sea Peoples.
Conversely, I once read that the list of Sea Peoples were allies of Troy. Thus, Troy was a leader of the onslaught against the Medditerranean powers. I can't seem to relocate the theory. Eberhard Zangger takes this approach in his view of a Luwian Civilization that competed with others.
An even more novel idea that emerged from this reading of Plato's account, however, was that it may have been Troy and its allies that in fact triggered the conflicts at the end of the Bronze Age. Plato's source, an Egyptian priest, says:
So this host, being all gathered together, once made an attempt to enslave by one single onslaught both your country [Greece] and ours [Egypt], and the whole of the territory within the Straits.
This passage would argue that Troy and its allies were in fact the aggressors who brought on the crisis. At the same time, the passage is reminiscent of the Sea People accounts at Medinat Habu. Thus I considered a hypothesis based on simple equivalence: The Sea People may well have been Troy and its confederated allies, and the literary tradition of the Trojan War may well reflect the Greek effort to counter those raids. Eberhard Zangger, Who Were The Sea Peoples?
It has been argued that the Luwians never formed a single unified Luwian state, but populated a number of polities where they were mixed with other population groups. However, a minority opinion holds that in the end they did form a unified force, and brought about the end of Bronze Age civilization by attacking the Hittites and then other areas as the Sea People. Archeologist Eberhard Zangger found a document in Luwian hieroglyphics among the affairs of James Mellaart (who died in 2012) supporting this idea. Wikipedia, Luwians
The Etruscans (E-troy-scans) are related to Trojans, and may have arrived during in the migrations of the Sea Peoples. Genetics and linguistics have confirmed that the Etruscans were from Asia Minor. The Aeneid describes the hero's escape from Troy to Rome, which possibly represents this migration.