Royal jelly's role in turning a bee larva into a queen implies health benefits for people.
The caste-determination biology is real and well established. The inference from it to human health has no basis: the mechanism acts on insect developmental pathways, and the material is digested like any other protein-rich food. This inference is the whole of the sales argument and none of the evidence.
What this does not claim: That royal jelly has been shown to do nothing. The point is narrower — the bee-larva argument is not evidence, and the clinical literature is too thin and heterogeneous to support a specific indication.