One of the core values of conservatism is removing regulations and protections for regular people against corporations, and giving them more power. That's what Elon believes in. The rest of it, like the "family values" and "religious rights" are just a smoke screen for the voters.
FTFY ;) But yeah I think you're onto something. There is, I suspect, a kind of self delusion. He really only pursues power and ideology is merely a tool he uses. He's feeling the pressure economically because he likes the role of the captain of industry but he's starting to fuck up more and more with Tesla and SpaceX. So is growing extremism in the recent years isn't part of a rational thought or honest ideology but a narcissistic rationalization. He wants to continue being powerful and accumulating more power so he has to counter by embracing the more extreme ideology. But he doesn't really give a fuck about family, economy, society or anything.
If he only kept his mouth shut about politics and continued with his ideas I'd be fine with him being a flawed and scummy entrepreneur that still manages to move and change our global industry. Even if he steals the accomplishments of others and lies and over-promises he acts as an effective mouthpiece for ideas I like. He would have had a flawed legacy.
Well I really neither mean conservatism or capitalism but greed. Not an ideology at all. As a Sith might say it: There is only power. And those that seek power at all cost, and those who want other things. (same goes for power, wealth or influence). Ideology is just an interchangeable tool, not a belief.
Unfortunately anyone seeking power for "other things" like wanting to make things better has to compete with people who knowingly or unknowingly don't really give a shit about anything.
Anyway, outside current US politics conservatism really only means to continuing to do things the way they have been done so far and / or change things slowly. And actual conservative today would want to continue the social democratic system that made the US great, e.g. affordable healthcare, low education and university costs, high vertical mobility. Keep doing what works instead of trying to reinvent the wheel with crazy new and untested ideas. Theoretically conservatism is a perfectly valid and honorable approach to governance that you can compromise on.
Today's republicans are said to be reactionary or "paleo-conservative", that want to go back to the times pre new deal. They are not conservatives at all.
But really they are neither, they are just greedy or power hungry, completely self serving. They believe in nothing.
I suspect most are on the lower spectrum of sentience, and some people like Trump aren't even able to self-reflect at all and are permanently trapped in a kind of psychotic break. Like Musk they are intelligent and continue to optimize for their power seeking behavior but have made their minds completely subservient to the one ring power/money/influence.