It’s extremely misleading. Even though Fox has been classified as “entertainment” for a number of years, that doesn’t stop them from selling themselves as an actual news source. (Why people want to get pissed off for a couple hours a day as a form of entertainment is beyond me.)
Also, the conspiracy theories have caused actual harm to people. COVID-19/vaccine conspiracies probably being at the top of that list.
A conspiracy theory is only fun when you know it’s just a conspiracy theory. The problem is, is that they are catering to an audience that doesn’t know the difference. For example, stories of government coverups of UFOs were fun as a kid. Fox telling you that all “the gays are coming for your kids” is dangerous.