He can obviously play but talking degrees of separation, I don't know how a GM would even consider him over Pitts and then I bet GM's are pretty evenly split between Waddle's Tyreek like speed, Chase's size and production and yes Smith and his smooth game. If I had to guess Chase is 1 and Waddle/Smith a tie in club's minds, depending on what type of WR they need more.
Other thing to consider with Smith is that it is not just him against a corner, at Bama he had the best OL, QB has tons of time to make plays down the field. Bama has the best RB, a bruiser, defenses were just flat outmatched by this offense and had to cover way to many variables with limited personnel. Consider we are looking at Mac Jones, Smith, Waddle, Najee, the center, the tackle, all these guys from this team are top picks. Things will tighten up a great deal at the next level. Doesn't mean Smith won't be good but we're trying to avoid red flags with a top 10 pick, not run smack into one.