Saturday Night Live’s reputation as a vehicle for biting political satire is overblown, especially by the show itself. Originally emerging from post-Watergate American counterculture comedy, SNL was quickly revealed as more revolutionary about the medium of television than about politics, the show’s performance-driven parade of characters and recurring bits more likely to kick against established TV norms than political ones. Still, there are times when a singularly biting satirical piece breaks through SNL and founding producer Lorne Michaels’ more middle-of-the-road sensibilities. One such sketch titled “Conspiracy Theory Rock” aired on the March 14, 1998, episode of Saturday Night Live, hosted...