I hate how the custom weapons I make and smelt end up in the stores and as prizes in the tournaments, that breaks smithing for me entirely.
I personally am not entirely convinced by the smithing skill as a concept.
I find it dull and grindy and then over the top and too powerful, stamina refreshing only in towns in particular I find mad. This is especially true at the speed the map changes currently, where a lot could happen while you wait, but in general it's a tedious mechanic that just makes the skill feel even grindier.
The big problem I have though is that I don't really get how it could work.
If done for profit it runs the risk of breaking an already fragile economy like it does now.
If done to craft the best gear for you and your companions it takes so long and the impact is too small if just weapons to make it worth the time invested in it. Maybe if they added armour and perhaps ranged weapons/ammo as well, but even then I have my doubts. It would either be a colossal chore to get high enough to make weapons better than you could buy, or else be uneven and a way of bypassing the normal restrictions on gear and be essential as the only way to get hold of the best gear in the game.
It feels the best use currently (other than breaking the economy, or being able to afford to increase charm by bartering an insanely priced crafted item at a loss to a lord) is that it is one of the few skills (assuming you can unlock some valuable recipes) that lets you have some control and agency in how you level up, but these all feel like an exploit rather than wanting the skill for any inherent value it has.
Lastly the notion of playing a ruler who has a nap and then gets together with his loyal companions to smelt pitchforks into javelins every time they hit a town just seems out of place with the rest of the game.
Sadly with how levelling works in that you need to raise as many skills as possible to level up so you can add focus points to the ones you want to specialise in I feel you can't ignore any skill entirely and so are almost forced to use it to get better and riding/hitting/shooting etc.
I'd rather it was replaced with an entirely different skill such as splitting out the medicine skill warband style to have one for healing and first aid and one for surgery and saving from death (or just splitting between one for yourself/companions and one for troops). You could stick Steward to cunning and Scouting to endurance, but that is a whole other topic.