As Henry said, MMO has been around forever. My dad used to sell drums of it to the airlines for use in their DC-3's, which had a propensity for sticky valves.
With the high quality oils we have today, it's not needed as an additive. However, it certainly is NOT snake oil. It worked very well many years ago with the oils available at the time.
I still use it as a penetrating oil, and for applications where a light oil is needed.