Almost all of my drives have come back to life with cleaning & lubrication - something like 38 out of 40. Does the manual eject work at all?
It could also come from a gear in the eject motor mechanism crumbling apart. If the manual eject works and you clean it up and get good movement in and out manually, but when you have the Mac try to eject it the motor just spins endlessly, you'll know that's the issue. There's a guy selling a precision 3d-printed replacement gear for the one that usually goes, if that's the case.