Your body has a quirky defect. What triggers your survival instinct and response to suffocation is a build-up of carbon dioxide in your lungs. Your body wants to breathe oxygen and expel carbon dioxide... but it's trigger isn't a lack of oxygen, which would make more sense, rather the trigger is too much carbon dioxide.
So, carbon monoxide being breathed in doesn't trigger your suffocation response AND it bonds to your blood preventing it from using oxygen that might be present... so with CO, you can suffocate painlessly and your body doesn't respond to the lack of oxygen.
With the inert gasses, there is no blood-bonding BUT breathing in the inert gas doesn't result in creation of carbon dioxide, so again no trigger to your suffocation, so as long as you don't have enough oxygen (the whole exit bag thing that helps get rid of any present oxygen/carbon dioxide) then you will drift off that way too.