[xanathar]

Well, Licio Gelli (https://en.wikipedia.org/wiki/Licio_Gelli) is not just a "theory".

Then, one can theorize whether there is more about P2 than it has been said or not, especially when it comes to well known politician names, but I wouldn't rule it out as a conspiracy theory: there were official prosecutions, a special commission (whose words incidentally say clearly "[P2] cannot be considered as just another political scandal. This is way different." (https://it.wikipedia.org/wiki/Commissione_P2)) and special laws that were written/changed for this precise reason.

Then of course when "freemasons" are named, people imagination roams wild, but it was "something" not just pure fantasy/speculation.