I've always felt this was probably the case. Take an idiot that needs to feel important, tell him he's a "boy genius" who can do no wrong and is always going to be misunderstood, and you basically have the perfect patsy. Till the end SBF just could not let go of that idea that he was smarter than everyone else, never realizing that this was always just a marketing gimmick.
At least Caroline Ellison had the sense to realize that she was living a delusion and quickly did what she could to walk away with minimal harm done to herself. In a few years she'll probably find herself making book deals and getting paid outrageous consulting fees once memory fades enough.