In terms of combos and more in depth fighting gameplay, such as from Street Fighter, Tekken, Guilty Gear, and Marvel vs. Capcom 2, I would have to agree that Smash may seem to be a chaotic, button mashing, no strategy involved game but that is far from the truth.
There's a lot of strategy inside of Smash that people that don't know how to play the game just can't see. I myself play as Jigglypuff and if I were to randomly mash buttons I would DEFINATELY never be able to land a KO on anyone. Landing a rest one-on-one is probably one of the most difficult things to do in the game. I've seen a crazy Falco player knock a character into the air and spike him off the stage so fluently that it made my jaw drop. He proceeded to do that to every one else and won the game with all his lives in tact.
All I'm saying is, don't judge a game you haven't played from watching your children play it or whatever.