I find it hard to believe that the only thing really awarded to people who max out smithing is Draugr armor and weapons...

What the hell are you talking about,
-Daedric weapons the best weapons in the game
-Daedric armor, best heavy armor
-Dragonscale armor, one of the best light armors
-Being able to improve any armor you find to much higher levels

You can craft skyforge steel after the companions questline.

You have no clue what you are talking about. good luck. the person above me is correct

Nord Hero you mean.

Ah yeah, my mistake ha, just checked. Someone told me you could craft skyforge steel.