@craig-hallam Craig, so sorry for the delayed response! Between pandemic-brain and the end of the semester, I slightly lost my mind for a bit there. (He said, hoping it's a convincing excuse...)
To your question, I would say so, definitely! Thinking again of folklore as expressive culture, which includes all kinds of things like narrative genres, conspiracy theories are essentially continuous legends. They make truth claims about the world, are highly subject to debate, take place in "real" time and place, etc. Actually I have several colleagues who are working on conspiracy theory research right now.