The answer is yes, Snake Oil was an actual placebo that supposedly cured frostbite, brides, and more. Although a sort of snake oil produced using the Chinese Water Snake had omega-3 acids and could reduce inflammation, the oil became most associated with Clark Stanley, who marketed the product to Americans. The issues with his product were that 1) Rattlesnake oil has less beneficial oil than Chinese Water Snakes do, and 2) there was no snake oil in Stanley's product. The latter was learned after federal investigators seized a shipment of oil in 1917. If you want to read more about this, read the article below NPR Code Switch: Snake Oil History