I think internet conspiracy theories either are, or are being used as, trial balloons by the powers that be. The powers that be are observing the public's response to the various conspiracy theories, and if enough of the population believes a particular theory, the powers that be will use it next time they want to cover something up.
For example, I've heard conspiracy theories that various massacres didn't actually happen, alleging that the powers that be hired actors to pretend to be victims of the massacre. Of course, that's ridiculous because if the powers that be wanted people to believe there had been a massacre, they would achieve that by killing a bunch of people. That's far more feasible and efficient than faking a massacre!
However, if enough people believe this, I theorize that the next time the powers that be want to cover up a massacre, they'll "leak" "evidence" that it was just faked with actors.
Another weird conspiracy theory is the
sovereign citizen movement, which, as far as I can tell, believes that the laws of the US have secretly been replaced by another set of laws for the purpose of enslaving everyone, but can be circumvented with the appropriate paperwork. Of course, that's ridiculous because of the powers that be wanted to enslave us all, why would they create a loophole that can be accessed with mere paperwork?
However, if enough people believe this, I theorize that next time the powers that be want to let off someone who has done something so inexcusable for which there is so much evidence that the perpetrator can't possibly be found not guilty in court, they'll "leak" documents showing that the perpetrator was a sovereign citizen.
The weirdest conspiracy theory I've ever heard of (haven't actually seen this in the wild, but haven't looked too hard) is that the earth really has two suns, and the powers that be are hiding one of them for us. Of course, that's ridiculous because what would that achieve?
However, if enough people believe this, I theorize that next time the powers that be want to cover up something like a nuclear blast, they'll "leak" the idea that it was just the second sun briefly escaping.
I can't even begin to speculate on whether the powers that be are the ones coming up with all these conspiracy theories to see which ones stick, or whether they're just piggy-backing on existing online conspiracy theorists who are in it for the clicks and/or merch sales. But in either case, we'd be naive to think they aren't looking at which conspiracy theories stick and how to leverage them.