We're talking about "Strange World," which came out this weekend to abysmal ticket sale numbers -- raking in just $18.6 million over the 5-day weekend, starting Wednesday. That's well behind projections ... where 'SW' was supposed to be coming in between $30-$40 mil.

According to reports, the film is expected to end up in the red long term -- somewhere in the ballpark of at least $100 million, considering the $180M budget and marketing expenses.

It's that same marketing, however, that's got allies upset at the Mouse House ... they feel like there wasn't a peep about this flick pre-release, and that it's no wonder it tanked. In fact, some are going into conspiracy mode -- suggesting Disney was banking on a failure.

Here's the theory ... Disney could use the poor performance as rationale to not include LGBTQ characters going forward -- pointing to this new character, Ethan, as evidence to back the would-be decision. Out there, we know, but that's a legit convo taking place right now.

Of course, there's no evidence to support this ... at least not yet. Still, some are floating it anyway and think Disney was looking for an excuse for less representation on-screen.

Naturally, there's another side of this discussion -- the "Go Woke, Go Broke" faction, who've been thumping their chests about Disney's efforts to include more diversity in its characters of late ... which they think is the real reason for flops like this and 'Lightyear,' among others.