Nah, snake-oil had a chance of being some use - if you used Chinese snakes
Given Dr. Richard Kunin’s 1989 analysis[2], it appears that the Chinese snake oil made from Chinese water snakes is very high in EPA. This substance is known to be a pain reliever, as EPAs are absorbed through the skin and are the parent of the series 3 prostaglandins which inhibit the production of pro-inflammatory series 2 prostaglandins, and the Chinese snake oil products may contain up to 4% of it.
From a purely pharmacochemical perspective, it is likely that the genuine Chinese snake oil is not fraudulent, at least for its intended purpose, since EPA indeed is an effective anti-inflammatory agent. On the other hand, American products made from rattlesnake fats, which have at most 1/3 of the EPA concentration of Enhydris chinensis fat, are likely to have been inferior or even useless for similar purposes
Wiki again, sorry
I suppose you could claim there is so little of the active ingredient in the American snake-oil that it counts as a homeopathic medicine - and therefore is more effective