For me, some conspiracies are real cover up, some are just hoax and myths, while some conspiracies were made in order to draw all the attentions away from the real conspiracy.
How sure are we that Area 51 really a research area for alien's technologies? Chances are the Area 51's conspiracy were created by the government or some organization within the government to draw away UFO enthusiasts from other area the REALLY did research on alien's technologies.
Hell, it could be just next door to Area 51 - Area 50 or 52, perhaps? :P
As for conspiracies that have been around as far as history could remember, like Loch Ness Monster, Himalayan Yeti, Bigfoot, Mongolian Death Worm, Mothman or British Big Cat - they are a different kind of story on its own.
As we all know, there still many species we haven't discover scientifically. The reason I said 'scientifically' is because most of the sighting of these creatures usually travel from mouth to mouth and even when they have photo proof, they usually taken from a distance range and most often blurry or off focus.
These creatures need to be taken/capture for study, sample taken and record, in order for it to be classify as a recently discovered species.
Scientists believed that all the creatures in this world that we have identify are just the tip of an iceberg on creatures that are/was living in this planet of ours.
As for the alien conspiracy, do y'all truly believe that our planet is the one place that have life forms in our galaxy?
Back in my young days, I've dream of working with SETI, to search ET and make contact with them.
But that was then. Now I understand why Dr. Steven Hawking said about searching for ET could be dangerous for us.
He have make some convincing example on what happen when advance civilizations met with not so advanced civilization. Just take a look what happen to the New World when the Europeans met with the Native Indians.
Well, that's what I think of the conspiracy's theories.
Now, if only we could found that Stargate, we might get the chance to turn the table around to our advantages. :D