Common meaning:

An explanation for something that has no basis in fact and typically blames a conspiracy on some powerful people.

Hidden meaning of the Equity religion: 

All explanations for how things work must be attributed to some component of Equity theory and all other explanations are considered false, no matter how much evidence they have supporting them. 

Discussion:

Equity believers know, by faith, that reality is totally defined by oppression and power. Given that the Equity perspective is the gospel truth, any explanations for things that do not assume Equity truth, is automatically a lie.

The religion of Equity does not just label things as conspiracy theories that are outlandish and have little evidence, but they consider any ideas that are not grounded in the theory of Equity to be conspiracy theories. 

Some things Equity believers would consider conspiracy theories would be: Men are stronger than women; only women can have babies; white people are better at producing vitamin D in their skin; children raised in homes without fathers wind up committing more crime; obesity in humans can cause disease. All of these, according to Equity belief, are crackpot conspiracy theories. 

It is the Equity way or the highway. If you don’t conform to the faith, you are either ignorant or dangerous.