http://www.urbandictionary.com/define.php?term=too+smart+by+half
What's fascinating about conspiracy theories is that they're instantiations of "too smart by half." In my own off-and-on conspiracy-theory watching, I have these observations:
1. Conspiracy theories fill an informational vacuum: definite demand but next-to-no supply of hard facts.
2. Conspiracy theories appeal to outsiders, people who normally have to rely on opinion, hunches and surmise instead of facts. The outsiders are the "customer base."
2a) They also appeal to folks who have a liking for too-smart-by-half overcomplexification.
3. But, a conspiracy theory's "customers" and "prospects" are outsiders who have a deep, emotional need to have information that they can't get - or information that gives their suspicion-minded confirmation biases.
3a) People who come up with conspiracy theories tend to be good-boy types who've had their trust in authority abused.
4. The most interesting facet of conspiracy theories is that they appeal to folks who, at bottom, are deferential to authority. They have a huge emotional need to believe that their "betters" know more than they do (but aren't telling!) That's why the most obvious rebuttal to a conspiracy theory - no-one knows what's really going on! - never works.
5. Conspiracy theorists are "displacement perfectionists." If they can find one single flaw in the mainstream explanation, they seize upon it as "evidence" that their conspiracy theory is better than the mainstream portrayal.
Use it if you need it; add to it if you want.