This far into the pandemic, I'm amazed that there hasn't been more analysis of what motivates conspiracy theorists. The BBC documentary about anti-vaxers was good, but it concerned one specific conspiracy theory, not the motives and psychology behind them in general.
The way I see it, at / near the top of the food chain, you've got the grifters - people who personally gain by propagating the theories, be it directly from donations or indirectly by raising their profile and increasing their audience. Some of this group actually believe what they're saying, for others, it's (terrible) opinions for clicks.
The more interesting group psychologically are the people who are taken in by the lies. I don't think it's as much of a stretch as it might first appear, people want to believe in things. From gods to ghosts, there are plenty of examples of people believing things to be true that nobody can prove with any rigour, which have been normalised over time to the extent that they are accepted by society. On that basis, it's not so unbleievable that people could believe in lizard people, evil 5g masts or Bill Gates' nano-trackers. My feeling that people's willingness to get on the latest band wagon stems from feelings of dissatisfaction and / or inadequacy. Not happy with where you are in life? It's not your fault, it's the Jewish peadophile collective keeping you down. Got no opinions to discuss with others on important subjects? Assume moral highground over those sheeple by becoming one of the few in the know about how nano-trackers exploded your cousin's friend's gonads.