To me it's a bit of head scratcher, not sure this rises to the level of conspiracy theorey, but here are the facts that we so know,
1) Joe made trips to to China and Ukraine as the point man representing the head of state for the USA when he was VPOTUS. China was interested in influencing US policy, and Ukraine interested in US funding for arms.
2) Shortly after those trips, Biden Jr. was hired by state-controlled entities in both countries. His contracts were in the $millions/year.
3) Hunter was neither experienced or connected to the oil & gas industries. He was connected to Joe.
4) At the time Hunter was hired, he was overwhelmed with multiple addictions (coke, alcohol, prostitutes) and by all accounts operated in a stupor most of that time.
5) Hunter failed to report income from the Chinese and Russians.
He was caught, and charged with nine counts, including failure to file and pay taxes; evasion of assessment; and false or fraudulent tax return. He pled down to misdemeanors which the courts refused to accept, overturning the plea because it was thought to have been politically influenced for leniency.
6) The House
Committee on the Judiciary,Select Subcommittee on the Weaponizationof the Federal Government, and Permanent Select Committee on Intelligence had some pretty scathing reposts on how Biden Sr. interfered and orchestrated coverups to mislead voters.
Here is the report.
There is a lot of explaining to do. Hunter is not running for president, so the real question is did Joe Biden peddle influence for the benefit of his son?
See smoke? Probably from a fire.