Should We Trust the #1 Ranked Medical School in This Country?
According to the National Institutes of Health (NIH), Johns Hopkins University Medical School is the highest ranked in this country ( http://www.studentdoc.com/med-ranks.php?ranktype=NIH_rank )
Their comprehensive cancer center offers acupuncture to their cancer patients ( http://www.hopkinsmedicine.org/cam/Clinical_Services/Acupuncture ) to treat a wide variety of symptoms associated with cancer and conventional care such as xerostomia (excessive dry mouth due to radiation), pain, nausea, vomiting, anxiety, insomnia, fatigue and depression to name a few.
Why would the top ranked research hospital offer "quackery"? Why would I leave an Aerospace Engineering position making $85,000 per year to rip people off?
I am not a "Snake Oil Salesman" and neither are the acupuncturists at the Johns Hopkins Hospital.

Placebo.
Wouldn't we see other "natural" ancient remedies with equal popularity claiming to do the same thing?
Chinese medicine, herbalism, chiropractic, homeopathy, osteopathy, naturopathy, yoga, meditation, Ayurveda...
All these disciplines have accredited universities and wide acceptance despite very sketchy clinical evidence.
Who said we don't? Besides modern placebos, you've also got faith healing, psychic healing (basically the same), and 'medicines' like in China and other parts of the world which retain popularity despite there being no scientific basis for their working. Unless it's proved that the 'medicine' works without the recipient knowing what is being done, I'm not eager to believe in these sorts of things.
People are apt to believe anything if they want to.
"Besides modern placebos, you've also got faith healing, psychic healing (basically the same), and 'medicines' like in China"
I don't think those are quite as popular or respected as acupuncture, but I agree that the extent at which the placebo effect kicks in is definitely something to be called into account:
http://www.sciencedaily.com/releases/2008/12/081201082353.htm
http://www.webmd.com/back-pain/news/20070924/study-acupuncture-eases-low-back-pain
Is this about decisions of top medical schools or about reproducible, sound data?