If I combine apples and sauce I don't necessarily get applesauce. It is a clever linguistic trick but you are not helping by making such a disingenuous argument. Juxtaposition of terms in frequently used combinations can have a different meaning than terms used separately.
I'm not making a disingenuous argument, I'm saying exactly the same thing that most of the people replying to your original post are saying.
You've taken the phrase and made up a new definition for it. I'm saying that the phrase already has a definite meaning. Feel free to make up your own phrase though...so long as it's unique.
The NSA engaged in a conspiracy, which was to "hoover up everything in sight". There was a theory (which was largely dismissed) that the NSA was in fact doing this.
It was therefore a conspiracy theory that the NSA was doing what it was doing. That is the point: please use the phrase correctly.