I actually thought the comment you replied to made a good point, but I think I can explain it differently (with examples), which might make it easier to understand.

I browsed some conspiracy sites back in the day, including 4chan and /r/conspiracy. There seemed to be three levels of thought about Jews. A small number of people thought that Jews had a conspiracy whereby they coordinated with each other to run the world (active collusion). A larger number of people thought that powerful people generally ran the world in a way that actively benefited the powerful and hurt the poor (without active collusion) and that a disproportionate portion of those powerful people were Jewish. A third, even larger group, didn't really think it was about Jews - like the second group, they thought powerful people subtly colluded to benefit themselves, but they weren't really interested in the religious background of those people, or recognized that the disproportionate representation of Jews among the powerful is more likely a result of a higher than average interest in education and a lower rate of divorce among Jews - just normal population demographics playing out.

One of the things that was interesting is that all three groups (even those that disavowrd anti-Semitism) used "anti-Semitic" memes like (((globalists))) and that the vast majority of contributors (from the second and third group) looked down on the first group. Thinking that Jews actually got into a secret room and actively conspired - this was low-brow - and you'd see comments mocking such views - the village idiots of conspiracy village.

It's my observation that the media often describes conspiracy groups as the first group only. E.g. with Pepe in 2016, the media described a green frog as an anti-Semitic symbol. But on conspiracy forums, commenters were saying "no, Pepe doesn't refer to Jews, it refers to globalists / illuminati."

I think a similar thing is going on the Q. I have one friend who has been watching and describes himself as a fan - he doesn't believe it all, or even most of it - but he does believe that powerful people conspire to evade laws that is common people follow and that powerful people in particular often engage in illegal sexual liasions, including prostitution and in some cases, prostitution involving minors.

The larger point is - there's a spectrum here that ranges from literally believing Clinton and Trump hang out in the same pizza parlor raping children, to believing that powerful people are generally aware of the availability of prostitution and the prostitution of minors at expensive hotels (hello, Russia Ritz Carlton, can I get a room in the presidential suite). Many of the softer versions of these "conspiracies" don't seem too far fetched to me - after all, we know that powerful people were aware of Epstein and purchased services from Epstein well before the rest of us knew. On sites like 8chan, you see the whole range - with, frankly, the majority of the commenters on the softer end - but the media represents those sites as dominated or exclusively the harder versions. And it's misleading. Such misleading descriptions attached to an attempt to restrict free speech are very dangerous IMHO, as they can be used to restrict legitimate speech e.g. about the extent of complicity of major hotel chains and just general awareness of rich people and illegal sexual transactions.