Not all jerky is created equal. The keeping qualities depend on the
salt, sugar, and moisture content. Nitrates, too, if any. Back in the
olden days, jerky was made for long storage. Now, it's mostly for
taste, and there's some leeway in the manufacture - moister tastes
better, as does less salty; but these characteristics both compromise
the durability.

I'd say yes, jerky can go bad, and if it smells too bad to eat, don't
eat it. In the olden days, even if it went bad people would suck it up
and eat it anyhow, but I presume you're in no immediate danger of
starvation.