It might work because of placebo (a real effect caused by intent), but not because of a weird physical device based on esoteric knowledge. It's very common for people to create physical things and processes (such as Orgone) for things and processes that are entirely non-physical. Manipulation of energy happens by intent (consciousness), not by esoteric devices created on the erroneous belief that the physical reality is primary to consciousness.
It could also be wise to look at Reich his state of mind throughout his life, and take that into consideration.