Yeah I'm never going to stem the tide of disinformation... but... snake oil was known to work and that was the point. Snake Oil Salesmen put vegetable oil in bottles and labeled it "Snake Oil". Nowadays, there is scientific proof for snake oil (look up Omega-3 Fatty Acids).
So a ridiculously expensive item, made out of cheap parts, that does nothing, is not "snake oil" (but it might be sold by "Snake Oil Salesmen").
[/end of history lesson]