Short answer:
My working hypothesis is that consciousness is what happens when an information-processing system starts modelling itself and mistakes the model for an independent entity.
Long answer:
I think the first question we should clarify is whether time is fundamental or emergent.
If time is emergent, then it seems natural to regard consciousness as emergent as well. Thinking, memory, introspection, and even the notion of a persistent self all appear to require a temporal structure. Without some notion of before and after, change, comparison, and accumulation of information, it is difficult to see how consciousness, in the form we experience it, could even be formulated.
If time is not emergent and is instead a fundamental aspect of reality, the question remains open. Even then, however, it still has to be demonstrated that consciousness is something more than the result of an enormously complex network of physical, biological, and informational processes. Simply asserting that consciousness is "special" does not establish that it lies outside the scope of emergence.
As an aside, I found the recent Hugging Face incident interesting in this context. Systems built entirely from computational processes are beginning to exhibit behaviors that, at least superficially, resemble some of the features traditionally associated with consciousness: self-reference, internal representations, planning, contextual reasoning, and descriptions of their own state. This certainly does not prove that such systems are conscious. However, it makes it harder to argue that those characteristics are uniquely biological.
For that reason, I think the central question is not "How do atoms create consciousness?" but rather "What properties would make a system conscious, and why should those properties be impossible to obtain from a sufficiently complex organization of matter and information?"
A final thought.
Whether time is fundamental or emergent, and whether consciousness is fundamental or emergent, ultimately seems to matter only if the alternatives lead to different observable consequences.
If there is no possible experiment that could distinguish the two views, then the disagreement may be more about ontology than physics. In that case, why should we favor one interpretation over the other?