It's a good thing for steem since it makes the blockchain more useful but the thing is, most of these projects will fail. Only a small minority are innovative enough.
So to some extend you could argue it doesn't provide much more value.
It's all how you look at it and for what purpose you need an smt. Because blockchains in general are not very useful for most task. A centralized server is much cheaper to run and more efficiënt. It's only when you need some type of security that it makes sense.
Technical nitpick: SMTs haven't been released yet. The tokens that are currently used are created by Steem Engine on their own sidechain.