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Americans, as a group, are not especially intelligent and can be readily entertained or fooled to produce a financial benefit for someone.
Definition source: English Wiktionary via Wiktextract
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Widely attributed to American author and social critic H. L. Mencken (1880–1956) but not found verbatim in his published works, so the source and original form of this expression are not known with certainty. Likely a nearly verbatim paraphrase of: "No one in this world, so far as I know ... has ever lost money by underestimating the intelligence of the great masses of the plain people" which is attributed to Mencken. One possible origin of the reference specifically to Americans is the essay by Nora Ephron originally titled, If You're a Little Mouseburger, Come With Me. I was a Mouseburger And I Will Help You. (1970) In the essay, Ephron refers to "the old Mencken dictum that no one ever went broke underestimating the intelligence of the American public." The piece was reprinted in Ephron's collection Wallflower at the Orgy. (1970)