You say "just another Waves token where you can create your own token based on Waves" but I don't understand you, where do you think the value of Ethereum or Waves comes from? That's where the entire value comes from!
What value does being able to create ERC-20 smart contract tokens with Ethereum bring to Ethereum? That's the entire point of Ethereum!
If Steemit has a system that makes it not only capable of being a reddit but-you-get-paid platform but also a whole platform like DTube challenging Youtube (meaning Steemit could also be programmed to offer many other things like audio streaming platforms challenging the likes of Soundcloud for example) but ALSO be able to allow even more creativity on it's blockchain by offering Ethereum-like smart contracts, why WOULDN'T that increase value of Steemit?
Ethereum is required to buy other tokens and Waves from just its demand to use. Its platform is used to create possibly loyalty tokens as the "whoppercoin" which I think was based on Waves and thus how this affects the price I am not sure. SMT is a media token and will probably fall into the Waves category where you create your own token based on the Steemit platform where you there is a reward system. If the reward is in Steem, then yes it will be beneficial to Steem price but will deplete the reward pool unless some kind of measure in place like steemit.