Against the backdrop of the Covid-19 pandemic, this article undertakes a critical evaluation of a series of shortcomings of the view of conspiracy theories that is predominant among scholars and the general public. Reviewing numerous studies on the topic, we critically assess: (a) how justified the claim is that we are in a conspiracy-thinking emergency, (b) how the label of conspiracy theorist can be weaponized to delegitimize heterodox views, and (c) the practical consequences, for academic research and the well-functioning of democracies, of unpopular ideas being labeled as conspiratorial. The empirical sources reviewed here suggest that beliefs in conspiracy theories have not increased over time and are less consequential than commonly believed, even in times of a global pandemic. Instead, the concept of conspiracy theory has become more prevalent and its derogatory connotation evokes a stigma that tilts the democratic playing field against dissenting viewpoints. The stigmatization and political leveraging of this notion, we argue, lead to biases not only in the public discussion on various sensitive topics but also in the academic literature on conspiracy theories themselves. We analyze these academic blind spots in light of the diminishing political diversity in academia and recent perspectives on scientific censorship. We propose to complement the research on conspiracy theorists with an analysis of individuals at the opposite end of the spectrum, who are inclined to systematically trust institutional authorities and are highly prejudiced against heterodox opinions. Proposed solutions include promoting balanced news coverage, fostering critical thinking through debates, and piercing information bubbles to provide access to diverse perspectives.