Is search arbitrage a scam?
No, the business model is real and several listed companies have run it for years. But it has a mixed reputation for good reasons. Some operators use misleading adverts, some traffic is fake, and many courses oversell how easy it is. Treat the model as legitimate and treat any promise of easy, guaranteed income from it as a warning sign.
Two different questions hide in this one. Is it a scam on visitors and advertisers? Not inherently. A relevant article that leads to relevant sponsored listings is a fair exchange. It becomes abusive with a misleading ad, cloaking or manufactured clicks.
Is it a scam on would-be operators? The model is not, but the sales pitch around it often is. Screenshots of revenue ignore ad spend, estimated revenue is shown instead of finalised revenue, and nobody mentions that a feed can be withdrawn overnight. Most newcomers lose money while learning. Anyone selling a "done for you" feed account with guaranteed returns deserves particular caution.