The definition of "conspiracy theorist" seems either pejorative or not, depending on who you ask. Why do you prefer to use it as a pejorative?
So, when cops rob an armored car via civil asset forfeiture it’s just something that happened no conspiracy theory required because there isn’t some other example that fits. But, the moon landing was fake fits because there’s another explanation.
Occasionally what once was a conspiracy theory is now considered factual, but at that moment it stops being a conspiracy theory because it’s no longer fringe. As such this isn’t a pejorative definition as it doesn’t directly imply such theories are incorrect.
I love a good No true Scotsman mixed with a twist of ad hominem.
And invariably, the actual conspiracy gets revealed by parties other than conspiracy theorists themselves, because the conspiracy theorists don't actually have insider knowledge, they're just doing the strings and thumbtacks thing and making guesses.
Conspiracy theorists might go on and on about JFK or 9/11 or Pizzagate, but how often do you hear the conspiracy type obsess about Jan. 6, an actual proven conspiracy to overthrow the government of the United States? The "proven" conspiracy theories they do care about, like MKUltra, are generally cast as far more consequential than most people would say they actually are.
Actually, they do. There are a lot of claims online saying it an FBI false flag operation, going so far as to name a specific person as an FBI plant.