Worse than a conspiracy theory?

What do people assume when they use the phrase “conspiracy theory”? Has it become a misnomer? In criminal law, a “conspiracy” is an agreement to commit an illegal act, so it would be appropriate to call something a “conspiracy theory” if it is a proposed explanation for the existence of a conspiracy. But theories are assumed to be based on some sort of evidence and subject to testing, not fantasies or lies. While the phrase “conspiracy theory” clearly has a derogatory connotation in today’s usage — it generally refers to accusations of conspiracies based on little to no proof — perhaps even that label is too kind for certain statements. The recent allegations of child-sex trafficking at the Comet Ping Pong restaurant in Washington, DC, do not even deserve to be called a conspiracy theory. They are dangerous lies based on no evidence whatsoever.