yes and no

language works by linking/connecting meanings (conceptual, emotional, intentional meanings) to verbal or written forms (words, expressions, phrases, etc).

On one level, "conspiracy theory" could be used as neutral, but in reality, it was originally coined by the Clowns and infused (connected) to that negative connotation you speak of.

If you parse "conspiracy theory" as conspiracy + theory, then sure, it's neutral. But as a whole expression "conspiracy theory", it indeed carries that negative connotation and so it actually means, in that sense, "a false theory about the existence of a conspiracy". That's the pragmatic meaning (aka illocutionary force - the meaning the expression communicates when used in context)

(Another example: "fat chance". Parse that as "fat" + "chance" and it means what? a broad chance? But as a whole expression, it means, "that's really, really unlikely".)

But language is fluid. Old connections die, and new connections are born every day.

The meaning of "conspiracy theory" is slowly being transformed into "true theory about the existence of a conspiracy", because more and more people are realizing that the so-called 'theories' they have derided as "conspiracy theories" are in fact turning out to be true.

Similarly, in a pragmatic practical sense, "conspiracy theory" will likely come to mean "the person who is making this comment does not know anything about the truth and has a closed mind", because that's what is saying more and more.

yes and no

language works by linking/connecting meanings (conceptual, emotional, intentional meanings) to verbal or written forms (words, expressions, phrases, etc).

On one level, "conspiracy theory" could be used as neutral, but in reality, it was originally coined by the Clowns and infused (connected) to that negative connotation you speak of.

If you parse "conspiracy theory" as conspiracy + theory, then sure, it's neutral. But as a whole expression "conspiracy theory", it indeed carries that negative connotation and so it actually means, in that sense, "a false theory about the existence of a conspiracy"

(Another example: "fat chance". Parse that as "fat" + "chance" and it means what? a broad chance? But as a whole expression, it means, "that's really, really unlikely".)

But language is fluid. Old connections die, and new connections are born every day.

The meaning of "conspiracy theory" is slowly being transformed into "true theory about the existence of a conspiracy", because more and more people are realizing that the so-called 'theories' they have derided as "conspiracy theories" are in fact turning out to be true.

Similarly, in a pragmatic practical sense, "conspiracy theory" will likely come to mean "the person who is making this comment does not know anything about the truth and has a closed mind", because that's what is saying more and more.