I think you make a compelling case. Recently, many "conspiracy theories" have been demonstrated to be more accurate than the actual mainstream media and the pronouncements of our elites, including politicians.
However, what makes things so complicated is that some conspiracy theories are really sort of nonsensical. But they are mixed in with other accounts that are also branded as conspiracy theories which were just labeled that way to protect someone with an agenda, or to cover something up.
Here is an example of something that I observed a couple of years ago along these lines that took me aback. A senior official in our local government who has some sort of totalitarian leanings, told me that the existence of dangerous illegal drugs such as narcotics was all a conspiracy theory cooked up by the media and the police. And he was serious about this, and pretty angry about it. Of course, I have seen half-wits and addicts on the internet spewing similar nonsense, but this was someone nominally educated and respectable, who said it right to my face in a serious meeting. It was in front of his senior staff who were understandably flustered by his outbursts.
I still do not quite know what to think about this interaction, which was beyond strange, in numerous respects. He threw me out of the conference room not long after he made that pronouncement.