The smell reminds me of late 1970s springer ‘tunes’ .. it’s the olfactory equivalent of an Echo & The Bunnymen song.
In terms of actual airgun use it’s the best thing to lubricate a leather washer with, containing silicone for the leather and molybdenum for the metal. As such there’s not much call for it for modern rifles but for pre-1980 it’s a must-have.