Lol lattice-based theoretical crypto has solid theoretical foundations. Finding the correct paramter ranges for applications is difficult and that's why you aren't seeing widespread usage yet, but it's certainly not snake-oil.
And don't get your hopes up about seeing a practical implementation of iO any time soon; it's thoroughly and utterly impractical at the moment, and will remain so for the foreseeable future.
> Lol lattice-based theoretical crypto has solid theoretical foundations.
Yes, it was (is?) one of the candidates for post-quantum public-key encryption. But that doesn't stop terrible projects from claiming to have it in their marketing today.
And don't get your hopes up about seeing a practical implementation of iO any time soon; it's thoroughly and utterly impractical at the moment, and will remain so for the foreseeable future.