I was obsessed by this conspiracy for a full year, until i really did some historical research and critical thinking. This is what I've come to believe.
The illuminati is just as ridiculous as any other conspiracy theory (Area 51, Reptilians, 9/11). It is a result of the mistrust of American government that is a further result of the imperial nature of Britain during the 18th Century, the tyranny of King George during the late 18th century and the American revolution.
So the question is, why is the conspiracy just recently (last 5 years or so) getting popular with pop culture. There are a few answers. For one, there is a quasi intellectual revolution going on due to the internet and mass information. The country is quickly becoming (thankfully) less religious, more questioning about the nature of the world, and therefore more paranoid of our own government.
This, unfortunately, has created a mini-cult of people who create propagated youtube videos that are frankly anti-american, anti-government, anti-wealth and sometimes even anti-semetic. These videos often adhere to certain religions, but the common link is a mistrust of government and the belief in a mystical group of people who are also part of the freemasons. This secret group is apparently bad at hiding their secrets, as youtube dwelling teenagers and specialized sirius radio shows are able to outsmart the wealthiest, smartest, most secretive group in the history of mankind. Oh, forgot to mention, they are HELLBENT on world control. Oh, and they brainwash celebrity rappers (usually black people) to do their dirty word and spread their satan-delivered message.
As stupid is it all is and sounds, people are still going to believe it, just like people still think that Tupac is a live, Obama is satan, and that the earth was created in 6 days, less than 10,000 years ago. The fact is we're living in fast, tumultuous times that are VERY hard on the poorer class, creating almost a rivalry between the 1 and 99%. Conspiracy's are born in times of struggle in order to explain them, just as religion was born to explain what humans couldn't 2000 years ago.
It's a normal cycle, and luckily none of this shit is true.. Just my 2 cents.
edit: and just because ab-soul says something doesn't mean it's true. Even though he's a top 5 rapper in the game right now