What's "snake oil" about it? And what kind of people consider this "insightful" and not a troll?
Would you consider a facility producing clean water and power (like a nuclear desalination facility) to be "snake oil"? You know: things which are in high demand and improve the lives of many. No, AI isn't clean water or power (and it does use those things). But it is akin to a revolutionary change, like the steam engine, or the Sterling engine, which completely changed the face of industry in a very short period of time.
If you haven't used AI in a meaningful way in the past, oh, 6 months, you should rightfully consider your opinion invalid on this topic. I know it's popular, particular with "real programmers" to make these hubristic statements, but there's no truth in it. It's usually those most heavily steeped in the old ways of doing things who have the hardest time with new things.
The same was true 6 months ago. The field has changed a lot, with breakthrough changes almost daily - so much so that just keeping track of everything released is an exercise in and of itself, nevermind testing it. I have hardware set aside just to do that, and there's often a 2-3 day queue.
Personally, I do hold it against people if they're not significantly using AI at this point. It's a self-enforced personal limitation in capabilities. You still have to work, but it's hard to argue against the economics of it: a single developer can 10x output with ease, and the quality is significantly better than most developers can produce. It speeds architectural design significantly and improves associated outcomes, even when you know what you're doing. It helps identify faults.
Even outside the domain of programming it's a game changer in many ways, though we're just now only starting to get to the point where those capabilities can be realized.
The AI industry is much larger than just OpenAI and Anthropic. There are many other companies doing useful, meaningful work aside from just selling tokens - including local inference and open model initiatives. It's useful to keep that in mind. This technology isn't going away anytime soon.