> since it is perceived as being closer to libertarian views because they pay some lip service to the idea of small government
I've always found that "libertarian is closer to Republican than Democrat" take from libertarians mildly exasperating. There's a case for it economically, but in terms of social policy Republicans have long been pretty damn supportive of the state restricting individual liberty, whether on a federal level (abortion, LGBT rights, etc.) or a state level (the myriad ways "states' rights" has been used as a cover for blatant discrimination). It's depressing that so many libertarians have decided, when push comes to shove, that higher taxes are worse than calculated bigotry -- and, as you note, increasingly conspiratorial nonsense.
I mean yes, libertarianism at its core is a terribly flawed ideology because it fails to account for the phenomenon of the tragedy of the commons. The market forces they believe in do not react quickly enough to avert environmental or health disasters. That said, I have a level of sympathy for the ideal of everyone having a full agency of their body and their actions. It’s just that it’s a utopian ideal that fails to work in practice if adopted to its conclusion.