The explanation was that the torpedo was armed and its propulsion system malfunctioned. The prop was spinning in the torpedo tube and it had to fired in order to avoid an on board explosion. There were several high ranking naval officers, in uniform, offering this explanation. I thought that it sounded pretty far fetched. I'm not a conspiracy guy. However, if there was evidence that it was hit by a torpedo and the intent was to cover up an act of war. What other story could you tell?
Then Ballard went and found the Titanic with the same gear.