Feiros,
I don't understand your gripe with smithing.
Once I reached the point that armour and weapons were making it too easy, I upped the difficulty to master and sometimes legendary. If I want more of a challenge in some dungeons, I simply use a bog standard weapon that I've looted off the first recently deceased bandit and see how I go with a 'dull old blade', as the guards would say.
You're not forced to use a weapon with 230 damage just because you can make it. In real life I have a 1000 cc V-twin Italian stallion of a motorbike. It can do 160 mph but I can still cruise around at 50 and take in the scenery.
You know what I mean?
You may as well say that there's no point in progressing in any skill in case it makes the enemies easier to defeat. "Ooh, I'd better not use my master destruction spell because it might be deadly to that frost troll!"
Sorry, I'm not trying to be rude...I just don't see why smithing is so bad. Personally, I love looking at a sparkly elven blade that I've just crafted, or donning a set of stalhrim armour fresh off the workbench.
Edit: I got a bit carried away there and didn't answer the original question.
Smithing (despite the strong objections of some people) is useful for several reasons. You can make improved weapons and armour. You can use it to level up by building hearthfire properties if you have them. You can make jewellery to sell or enchant. As you acquire more perks you can make that set of armour you've always wanted rather than hoping to collect it piecemeal from enemies. There are limits to what you can do with it, such as the 567 armour cap but that's fair enough. There's something quite satisfying for me to make a set of armour to counter a certain enemy and surviving to tell the tale, as Grelka might say. Plus, when you're needing to get ore to smelt to build your home you get to learn where all the mines are and have to rack your brains to try to remember where that last corundum vein was. I like it (you can probably tell) but then again I'm an engineer, so I guess it was always going to appeal to me.