It's a worldview, and that worldview basically says that there is always an elite controlling events in your life. And those elites are able to get away with literally anything. They have almost godlike powers over your life.
And so, every time it turns out that a conspiracy theory is untrue, it undermines your case unless you make the case that. actually, the elites got away with it again, in which case you are strengthening your case. Actually, a conspiracy debunked in many cases for these folks actually strengthens their broader great conspiracy theory, which is that there is a group of small elites who are running every aspect of your life and they get away with everything, and when they get away with this one, it actually makes you more passionate about the fact that they got away with it, as opposed to, maybe, taking a look at your core theory, which is, maybe there isn't this small group of people who is controlling every aspect of your life?
The question is: Why double down on theories that are already debunked? Why double down on theories that are widely derided as dumb? Why double down on theories that have no evidence to them? And the answer is: Those are precisely the theories that you must double down. You must! Because if there is a group of unanswerable, unpunishable elites, it excuses all of your day-to-day life, it excuses your activities, it excuses your failures, it excuses why you're so angry at the "system" and requires no actual action from you other than railing at the moon.