How is IoT snakeoil? A great chunk of the world's infrastructure runs on IoT devices. Your electric, gas, and water meters are almost assuredly IoT if you are serviced within the US.
Poor design and implementation. The S in IOT stands for security. So many devices connected to the internet that don’t need to be. I get that it’s cool to control devices from your phone, but why is it necessary to send data from the device to a company’s server so I can retrieve it with an app? I should be able to connect to the device directly from the app, across my local network, without having to send private data to the cloud.
Snake oil is a term used to describe deceptive marketing, health care fraud, or a scam. Similarly, snake oil salesman is a common label used to describe someone who sells, promotes, or is a general proponent of some valueless or fraudulent cure, remedy, or solution.
Thankfully. I do not need to tolerate the bullshit that Americans apparently have to.
As someone with deep experience in analysis of power sector, I can assure you that anything "smart" or "intelligent" will pointlessly increase cost to the final consumer, and margin for the owners of supply-delivery-chain. No exceptions.