It's become almost unreadable... is this by design? Maybe? Probably?
Almost every title is clickbait. For the most part it's screenshots from some social media site that appear profound but is so vague as to be meaningless. A LOT of contrived content. Currently the top post with 5000 upvote is a post about old people being in positions of power, but in the workplace that's usually not the case because they are senile. This isn't even a conspiracy.
Furthermore it's almost all image posts, again with the aforementioned and no actual content. The submissions statement, allegedly to alleviate the stupidity, plays no role in the upvote/downvote system, because it's often buried deep in the comments (as it's not stickied to the top of the comments). Furthermore, there seem to be no standards for the submission statement.
Furthermore, it's become a sort of reddit refuge for any "edgy" politics, usually right-wing. This is fine if it actually relates to a conspiracy, but a lot of it is just politics, political commentary, or social commentary. Moderation seems nonexistant despite 13 users being listed under mods, most of which are quite active.
What I've noticed about the upvoting (which I think is still primarily humans, while the heavy downvotes are bots and brigades) is that it just equates to people who agree with the sentiment. It's really nothing about the quality or importance or insight of the post, just "Yep, that's right!" or "I, too, hate that sumbitch!"
There is still some conspiracy, yes, but there is virtually no "theorizing" left. That is, a post will surface some conspiracy "dot" or other, but posts almost never surface multiple dots and connect them.
The same point could be made about this forum. Instead of, "Here's my theory and the evidence and analysis I used to come up with it," it's more like, "Here's my theory and also my opinion about it." It's not a good sign, assuming we'll need reasoning to fight off the Illuminati.
All that being said, I still use r/conspiracy as daily news feed to get content I can't really find elsewhere. Takes a lot of scrolling, though.