I really don't understand how the indoc theory got so popular.
The power of denial, A lot of fans refused to accept that Bioware writers could be so totally incompetent and instead considered that if the endings were as lame as they were it must be because they has some "hidden" and clever reasons.
Personally I always thought the e-theory was way too clever for Bioware to have thought of it on their own.
What I really liked about that theory was the "meta gaming" effect. You as a player were blinded by the simple "follow the quest marker" input, which in the end would have lead to your defeat. But you had to "break" out of the box and act in a "non gamey" way.
It would have been actually a good idea, if "dying" or shooting anders, shooting yourself, etc would have progressed the game.
Very few games did that before.
Oh, and I agree that the theory was way to elaborate to actually be thought of. But Bioware put a lot of thinking into the ME universe, just read all those secondary codex entries ...