He is a bad president because he managed to end up with a 40% approval rating after the honeymoon and can not get control of the narrative. Instead, he twists and turns in the quicksand of his own making.
From a liberal perspective, Trump may be the best thing that ever happened to the liberal cause as he will never get his legislative agenda put together and likely drag the Cons down with him. As to the latter, however, I expect them to get smart and jettison him early next year.
Trump's problems right now are far beyond "conspiracy theory" The chances his presidency survives this are probably on par with his approval rating.
...as to what he is guilty of... well, we don't know yet.
We have an investigation because we have probable cause. Start with the fact we know that Russia hacked into the DNC servers and we pretty much know they disseminated that proprietary information via Wikileaks just prior to the election. We do not know the impact that had on the outcome of the election. We also do not know if Trump or his minions were knowingly or unknowingly involved. We have a crime; we have suspects; and we just don't understand all of the particulars. That is why we have an investigation.
We also know that Trump has had financial dealings with Putin's minions in the past. We do not know to what extent Trump may have current dealings / be indebted to those Russian interests. If he has current financial entanglements with the Russians, he could be violation of the emoluments clause. Perhaps we would know this had Trump been forthcoming and either released his tax returns or shed his business assets prior to taking office, but he did not. Now he suffers the consequence of not being forthcoming.
Since the smoke is thick and potential explanations are grave threats to America, the investigations are not, in rational way of thinking, witch hunts, but rather would be gross negligence on the part of our government if they were not pursued to understanding.