Facing up to one's shortcomings is only half the answer, I think. Yes, I agree with your analysis. But I think the conclusion needs some nuance in the sense that it's okay not to be a rocket scientist or an astrophysicist. If your "shortcoming" is that you don't understand some particularly complicated section of human knowledge, then I think you're doing well. I know plenty of rocket scientists who wish they had, for example, the social skills that their less brainy friends have. When we describe this dissonance as a "shortcoming" it sounds like an insult. It's really no more insidious than noting a conspiracist defines for himself what it means to be "great," and a failure to clear that hurdle -- however inappropriately high it's set -- generates shame. It's irrational shame, for the most part.
But narcissism is a factor, I think. If you're just one of many people who believe in what the mainstream believes, then you're not special. I gather many conspiracists fear obscurity far more than they fear being wrong. So when I say conspiracism is a shortcut to erudition, that's only half the opinion. It's a shortcut to erudition for which the proponent expects to be recognized. Unable to gain strong recognition by their own merits, they attach themselves to some noteworthy event -- historical graffiti, as Jim Oberg (or maybe someone else) put it.