Yes that's pretty much what it is, and no I do not believe in it. I do like conspiracy theories like these however, which I think are mainly created for entertainment purposes.
From Wikipedia: https://en.wikipedia.org/wiki/Dead_Internet_theory
In an article in The New Atlantis, Robert Mariani called the theory a mix between a genuine conspiracy theory and a creepypasta.
The dead Internet theory is a conspiracy theory that asserts, due to a coordinated and intentional effort, the Internet now consists mainly of bot activity and automatically generated content manipulated by algorithmic curation to control the population and minimize organic human activity. Proponents of the theory believe these social bots were created intentionally to help manipulate algorithms and boost search results in order to manipulate consumers. Some proponents of the theory accuse government agencies of using bots to manipulate public perception. The date given for this "death" is generally around 2016 or 2017. The dead Internet theory has gained traction because many of the observed phenomena are quantifiable, such as increased bot traffic, but the literature on the subject does not support the full theory.
From Wikipedia: https://en.wikipedia.org/wiki/Dead_Internet_theory
durinsBane1983 · 46-50, M
@Nightwings thanks for the information and your thought.