Earlier quoted context omitted.
I don't know why you needed to derail a good point with the insect conspiracy theory dog whistle tho. If me and the homies get together weekly for bible study and fried crickets does that not fit into what you're describing?
The best indicator for "is this a conspiracy theory" is "is this true, or at least plausible?" The "live in virtual reality and consume insects" is a point pushed by at least a few people, so it's not a baseless conspiracy theory. You might say they are not influential or whatever, but it's not like this was made up on the spot. Even if it was a baseless conspiracy theory, it doesn't detract from the value of the res…
Lots of conspiracy theories are plausible. With the sheer number of them, some of them will have strong elements of truth, even.
Conspiracy theory isn't an epistemological designation, it's a political and rhetorical one. [ETA: To clarify, by political, I mean "within political science" not "for political ends". That also happens, of course, it's just not what I refer to here.] A conspiracy theory purports to explain something, but actually serves to justify an ideology by stealth.
Lots of anti-LGBTQ ideology disguises itself as concern about transhumanism ("they want to turn us into soy boy sheep plugged into virtual reality" sort of rhetoric).