If we're smuggling in finance terms, I'd call it closer to investment than speculation. There is a near-certainty Mueller's team isn't noodling over nothing, and the targets of their investigation are acting in ways that are consistent with there being some there there. And that's only one investigation.
And I brought up credibility because one important facet that seems to be serially forgotten is that the major targets of the investigations have already destroyed their credibility, as have many commentators. I would encourage some googling to look at the past claims people make - more often than not you're hearing assertions of tribal fidelity rather than arguments based on factual exploration, and one bit of that information available to us now is a fair amount of background on motivations.
> We can only base rational discussion on the information available to us now.
This is false. We are planning animals. We do what-if projections constantly. In fact, we can't not do it - you did it yourself to make an implicit argument above attempting to make any forward-looking seem silly.