That term is very fitting in the UFO community too. Invention for Profit or Propaganda.
Quote:“Fakelore” is a term coined in 1950 by American folklorist Richard M. Dorson (1916–1981) to describe anthologies and commercial materials that are presented as authentic oral folklore, but are actually fabricated or heavily edited. This label has been used to describe wholly new creations originating from a single author, those that put characters from folklore into nontraditional situations, those that have undergone serious editorial revisions, and those that use these characters and legends for commercial or ideological purposes. It has also come to describe Internet hoaxes and urban legends that falsely claim to have folklore origins. Fakelore is considered to be a type of fraud, and so the term is always applied with a tone of disapproval. However, some scholars argue that materials once dismissively labeled “fakelore” are actually rich areas for study, and question whether the distinction between folklore and fakelore is truly as unambiguous as the names suggest.
"It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong." – Thomas Sowell