A conspiracy is a bogus explanation of an event or idea by a manipulative group of people with the intent of influencing a group action – an attempt to control – an attempt to standardize a false narrative.
Example: Trump won reelection.
A hypothesis is a guess, an unfounded brain fart, wishful thinking that sometimes – once tested - might lead to an objective truth.
Examples: Approaching the speed of light objects become physically smaller, passing into another dimension when the speed of light is attained. Or, monkey farts produce fairies.
A theory is a hypothesis that has been extensively tested and peer reviewed to the point that it is considered sound.
Examples: The Theory of Evolution, The Theory of Relativity
Conspiracy Theory is an oxymoron.