If IFR is low then a lot of the assumptions that justified lockdowns are invalidated (the models and assumptions were wrong anyway for other reasons, but IFR is just another). So Ioannidis was a bit of a class traitor in that regard and got hammered a lot.
The claim he's a conspiracy theorist isn't supported, it's just the usual ad hominem nonsense (not that there's anything wrong with pointing out genuine conspiracies against the public! That's usually called journalism!). Wikipedia gives four citations for this claim and none of them show him proposing a conspiracy, just arguing that when used properly data showed COVID was less serious than others were claiming. One of the citations is actually of an article written by Ioannidis himself. So Wikipedia is corrupt as per usual. Grokipedia's article is significantly less biased and more accurate.