I think Smoke is really "Triborg the character", he can confirm his strings better while the other variations have to use their specials or unsafe strings (specifically f4, f2, f1), he can keep pressuring with EX Smoke Bomb OR go for "safe" 50/50's, has the better whiff punish potential (Sektor may be better), invincibility on the ground and in the air, doesn't rely on set-ups but has uses for them, and decent meter gain.
Most importantly, he has ALL the mindgames which can be countered by the right read (think about alternating Trident with Smoke bomb if your opponent is jumping/backdashing, think about lots of strings ending in +2 (which all have gaps, usable to bait) combined with a 10 frame mid and 7 frame d1, there are no excuses here, for this reason I'd consider Smoke the only fair variation.
The other variations have been given tools that denies the need of fundamental play (to a lesser extent) and mostly blast with offense, Smoke does not belong in that category, it all depends on the player(s).
If MKX was a more balanced game, with less offensive bs (no pseudo infinites/unblockables or +500 on a special cancel), Smoke would be more viable*. I'm 100% certain these things will stay but you know who suffers the least from these situations? Smoke.
The only thing he's missing is his Shake and so far it's the only thing I think he really needs, his anti-zoning is very lacking and it doesn't fit with the variation nor the character, as well as the fact that Mileena Ethereal may invalidate him in a lot of ways I feel Smoke deserves a little extra threat (and armored moves isn't it). Other than that MKXL Smoke is my favorite designed character play-wise in any of NRS' games, a lot more in-depth than I expected.
I rate him bottom with Sektor and CSZ/Cyrax on top.
edit: hotfix just came out, CSZ still retains his corner pressure at the cost of less damage, Sektor normalized fairly. Doesn't change my opinion but I'm happy with the changes.