The implied reference is figurative. I picture a dog finding something by smell. The dog doesn't see a goal and proceed straight to it, but goes wandering around trying to pick up a scent.
It carries the idea of serendipity, of not being sure what you will find or how you will conduct the search. "I don't know what jobs there are, I don't know how to look for one, but perhaps there will be something in the air. Maybe I will see a 'now hiring' sign, maybe something will give me an idea when I get there."
It carries the idea that the speaker is not trying very hard. Maybe yes, maybe no. "Who knows, maybe something will turn up."
It sounds natural enough, but it's not a familiar idiom. The simple thing to say would be "maybe I can find a job."
"Q. I just wonder if when you want to say "I found a good job yesterday", you can paraphrase it into "I sniffed out a job yesterday"?" You could and it would be understood, but I don't think you should try to add to your vocabulary. The rules about when you can mention smells and what you can say about them are different from culture to culture.