The next day I checked if there was any research on its efficacy. Due to the volume of pages touting the benefits of CBD, finding the actual research was difficult. Most of the search results were either vendors or medical mj boosters.
The best I found was this: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4851925/
Sure enough, CBD did help reduce inflammation and increased joint mobility in arthritic rats ... at a dose of 6.2mg/day. Considering that I'm hundreds of times more massive than a rat, and that my 2oz jar contains 150mg of CBD oil total, I'm probably getting 2mg of CBD oil per application.
That seems to confirm that the self-reported benefits of topical CBD oil is mostly placebo effect.