Such as the government's claims about Russia or the USSR? Or the claim that Lee Harvey Oswald acted alone? You mean those claims?
I don't even consider the MIC to be a "conspiracy theory," unless you're making a counter claim that the Defense Department does not exist, that there are no defense contractors, and that the government has spent $0 on national defense from 1945 to the present. Unless you're claiming that the US has no military at all, I don't see how you can criticize any statements about the military industrial complex.
en.wikipedia.org
A vital element in keeping the peace is our military establishment. Our arms must be mighty, ready for instant action, so that no potential aggressor may be tempted to risk his own destruction...
This conjunction of an immense military establishment and a large arms industry is new in the American experience. The total influence—economic, political, even spiritual—is felt in every city, every statehouse, every office of the federal government. We recognize the imperative need for this development. Yet we must not fail to comprehend its grave implications. Our toil, resources and livelihood are all involved; so is the very structure of our society. In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military–industrial complex. The potential for the disastrous rise of misplaced power exists, and will persist.
We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals so that security and liberty may prosper together. [emphasis added]
Which statement in the above passage would you consider to be "loopy"? Is there any statement above that you can identify as factually incorrect? Is there any conspiracy theory implied in the above statement?