Conspiracy theorists see themselves as having privileged access to socially persecuted knowledge or a stigmatized mode of thought that separates them from the masses who believe the official account.
By their very nature, conspiracy theories cater powerfully to basic human psychological needs. According to the self-determination theory of human motivation, developed by Rochester psychologists Richard Ryan and Ed Deci, these include the need for autonomy, competence, and relatedness.
Conspiracies exploit our fundamental desire to belong to a social group and feel connected to others. They often divide the world into “us” (the ones who know the truth) and “them” (the powerful elites who are hiding the truth). This division creates a sense of belonging and solidarity—that is, relatedness—with others who share similar beliefs.
Similarly, believing in conspiracy theories can help create a sense of autonomy, or a feeling of control over one’s actions and choices so that a person is no longer powerless in the face of unknown forces. Buying into conspiratorial thinking may also feel rewarding because it fosters a sense of moral or intellectual superiority for knowing the “real” truth.
Beyond appealing to these basic needs, conspiracism activates our innate cognitive biases—mental processes that can lead to illogical and irrational decisions by providing seductively simple answers and seemingly reassuring explanations for our complex and often chaotic world. One example is confirmation bias, in which people tend to favor information that supports their pre-existing beliefs. A conspiracy entrepreneur can exploit these natural tendencies to sow conspiratorial thinking in the audience. Furthermore, we are wired to detect patterns, even where none exist, a phenomenon referred to as illusory pattern perception. This skewed perception may make random events appear the result of deliberate, secret plots.
https://en.wikipedia.org/wiki/Conspiracy_theory
https://www.rochester.edu/newscenter/how-do-conspiracy-theories-work-explainer-653052/
Always fun to see it written out in academically correct language,