Stating "The US is funding the Hong Kong protests" may very well be found true later on, but right now, it is a conspiracy theory without any evidence, not a matter of probability based on arbitrary priors. This conspiracy theory is actively used in online propaganda with an aim to erode trust in the US, playing on plausible blame and prejudice. It is a distraction tactic, where two wrongs somehow make a right, or make us feel better about the dangerous road taken, because we conclude that nowhere is safe.
Really no better than: "Let's discuss: Employee China stole something from the communal fridge." "Sure, but what about Employee US? I judged him stealing last year. I assume it very probable that Employee US is stealing from Employee China right now. Maybe that's why Employee China was so hungry, he was forced to steal, because Employee US started it. Maybe Employee China did not even steal anything, just took the blame for an unredeemable thief. Let's discuss and pontificate about that hypothetical instead!"
Really no better than: "Let's discuss: Employee China stole something from the communal fridge." "Sure, but what about Employee US? I judged him stealing last year. I assume it very probable that Employee US is stealing from Employee China right now. Maybe that's why Employee China was so hungry, he was forced to steal, because Employee US started it. Maybe Employee China did not even steal anything, just took the blame for an unredeemable thief. Let's discuss and pontificate about that hypothetical instead!"