Social media have made it incredibly easy to get a spectacular return for a very small propaganda budget.
In the same way there's financial and political asymmetry between the extremely privileged and everyone else, there's also informational asymmetry.
Most of the population lives in an incredibly polluted mental and emotional atmosphere. Conspiracy theories are being used - like smoking - to create toxic and self-harming addictive behaviours.
This is a very different space to informed and educated debate which decides policy on merits and rational evaluation of likely outcomes.
It's more like Pavlovian conditioning of entire voter populations. This leaves the shell of a democracy, but the interior is poisoned by lies.
Other true things like slavery being bad, the reasons for the civil war, rich people getting away with terrible crimes while poor people were killed for minor infractions, Nazis targeting trade unions, kings being dictators, royal families often being foreign parasites, human races not actually existing and so on fall into this weird realm as well.
Why is this controversial for fossil fuels or lead in gasoline?
Why is the simple act of insulating your house or driving an efficient car considered part of a global communist plot?
You have all these insane people following the protestant work ethic, who want to work all day even if there is not enough for them to do. Yet simultaneously, they won't work on solving climate change because for some strange reason the "economics" (perceived or not) don't "work out". The interest rate that must be paid to investors i.e. 0% by far exceeds the interest rate that the market can actually deliver. Kind of amusing. It's like people purposefully put on a brain cage and then act completely helpless as if they didn't choose this to happen.
The fact that we even have to argue about this, while short term interest rates should be negative feels like a bad joke.
You must first work then play but if you keep working in your play time, then work itself becomes play, it won't remain work and no amount of distortion by decree will change that.
What were the jews targetted by the Protocol of the Elder of Zion a threat to? Monarchy.
What did the real illuminati want? Democracy.
What does George Soros fund that makes him a target? Democracy.
What was the evil EU up to that caused Brexit. Democracy.
Why don't QAnon vote for democrats?
Why did birthers need a made up excuse to target a Black American president swept in on a massive uptick of voting?
Why is shutting down an economy to save human lives in a pandemic so scary to certain groups? Because poor people's lives shouldn't have the same worth as the rich.
Why is dealing with climate change so hard when everyone agrees it's the cheap and obvious thing to do?
Generally speaking, why do certain types of politician have to lie so much?
Possibly because they're doing stuff that isn't actually popular?
A conspiracy theory is either something true the powerful don't want you to know, or something false the powerful do want you to believe and weird echoes of those two things.
edit: a 'related article' at the bottom endorses this view:
https://www.nature.com/articles/d41586-021-00257-y
> Conspiracy theories are fundamentally a form of political propaganda,” says Quassim Cassam