The corporations are rapidly distancing themselves from it. Last i heard, both IBM and Microsoft have cut down their teams that were working on their "enterprise" blockchain solutions. The reason, i think, is not that blockchain is mostly snake-oil as you say, but because blockchain isn't meant for corporations.

Blockchain as a technology is effective and can truly create network effects but the problem is that Bitcoin has become the sole aspiration for everything and everyone. Everybody wants to be the next Bitcoin. Nobody wants to explore that how some other application built on an open, decentralized network can benefit society. We no longer see those initiatives in blockchain because making a lot of money through false promises has become so much easier.

The problem isn't that blockchain is snake-oil, the problem is that blockchain is too good for its own good.