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Ehhhh, not really. This is a pretty common belief about the Hyperloop. A couple of years ago, someone released a book claiming they had private interviews with Musk back in the early 2010's where he admitted to trying to delay HSR. Here's an article explaining it: https://jalopnik.com/did-musk-propose-hyperloop-to-stop-california-high-spee-1849402460
The reason this is not conspiratorial thinking is that automakers have a long history in the US of dismantling, lobbying against, and even physically preventing railways from being developed. Elon Musk, especially at that time, was an automaker making claims in order to directly counter proposed high speed rail.
Yes, it was in California, but the intended reasoning is that if it succeeds in California it may be expanded upon elsewhere, meaning there would be less reliance on cars.
I'm not making the claim myself, just explaining it is a bit different than engaging in what we colloquially understand to be conspiratorial thinking. I would argue it falls under that category in the most broad, objective sense, but I would also argue that the common belief about conspiratorial thinking is that it is when someone believes demonstrably false information.
The difference is that most conspiratorial thinking is believing something despite overwhelming evidence of the contrary while this situation is believing something despite a lack of conclusive, objective evidence (that being no official statement from Musk or investigation into him about this). There is a lack of overwhelming evidence in support of Musk.