I believe there is very much “snake oil” salesmanship going on in many areas of “high end” audio. Remember though that fraudulent products and sales tactics happen in many places, not just audiophilia (for example, think of fraudulent pharmaceuticals, naturopathy, homeopathy, the local psychic, etc.). However, like most things in life, it’s a bit more complicated and it would not be fair to classify everything as black or white.
A good examination of how many audiophile products can be considered snake oil, and how audiophiles get wrapped up in this type of thinking.
Source: Archimago’s Musings: MUSINGS: Why Do People Equate High End Audio with Snake Oil?