I've seen this argument elsewhere and I don't get it. From my understanding the limitation on exponential growth, the flattening of the top part of the S-curve, comes from total population. There is no one left to infect, basically.

If the rising part of the S-curve is steep, that means people get infected within a shorter timespan and a corresponding higher load on hospital beds and healthcare personnel, which is what we are trying to avoid with the lockdowns.

What am I missing?

Also, calling exponential growth a 'conspiracy theory' seems unnecessary