The theory outlines why Smith might have actually been the secret "hero" of the story.
First of all, the Oracle says "The One" is a "man born inside the Matrix." But Neo was born in one of the human incubators the machines used to harvest energy.
Agent Smith, however, was born in the Matrix.
We also learn from The Architect in Matrix Reloaded that The One is the person who will return to the Source and reload the Matrix.
And as you probably know, at the end of Matrix Revolutions, Smith fuses himself with Neo (who's plugged into the Source in the real world), so it's technically not Neo who reloads the Matrix. It's Smith.
AND when you think about it, the Oracle never tells Neo he's The One.
Remember their first meeting in the first movie? She's straight-up like, "Nope. You're not."
But when she meets Smith in the last movie, their interaction is so mysterious and weird.
Smith calling the Oracle "mom" might mean she created him for the very purpose of fulfilling his destiny as The One.
Which means she tricked everyone into thinking Neo was The One...
...so that he could bring Agent Smith what he needed to force him to reload the Matrix.
So, basically, Neo might not be The One. But it's fine, because none of this is real life anyway, and we're all plugged into the Matrix right now.
