It's still a conspiracy theory that the government is reading all your email!
I don't really care about the difference between their "collecting" (= processed by a human) and regular human's collecting (getting it on gov't controlled storage media), fact is they have built the infrastructure to do just what that theory claims, have incentives to do it and no disincentives to not do it.
You call it a conspiracy theory, I call it a "very likely to be true" theory.
It is also a likely target of media manipulation. It's not quite the same as saying "evolution is just a theory", but maybe that's just because secularism is so popular now.