We have to sidestep the main canon here, as this theory brings the universe’s most badass mandible-faced stealth killers into the picture: the Predators (or Yautja, if we’re being pedantic). In this version of Xenomorph genealogy the Predators created the dangerous beasts as the “ultimate prey” so that they could fulfil their big game hunting rites of passage.
Just like the bio-weapon theory, this scenario all goes wrong in the most predictable way. Xenomorphs overwhelm, slaughter, and escape their captors, leading to battles across the universe depicted in numerous comics, movies, and games. This thread of the canon is unpopular with many, thanks largely to the shoddy films that depict Xenomorphs battling Predators in ancient icebound Mayan pyramids.