It's a combination of things for me. The old squad need completely overhauling, Whelan, Hutton, Elmo, Jedinak, Adomah and others, it wasn't in a good state for a couple of seasons and glued together with some decent loan players in Mings, Snoddy, Axel, Tammy, Grabban. We somehow managed to get promoted and while you cant complain about it, we certainly weren't ready for that to happen. We needed a lot of new players and it might look like we spent a lot it had to stretch a long way, Mings looked good at the start, Luiz looks good now, Heaton was hit and miss at times when he was fit, Guilbert & Konsa have shown some promise but the rest have been well below what's required, we needed a couple of gems to appear from this batch of players and we got none.
I don't blame Smith that much, he's tried different formations and during the first half of the season there were games we looked like we had a decent plan and were doing okay. Injuries to McGinn, Wesley & Heaton seem to have hit us hard and it shows the drop off in quality when we had to replace them.
Smith might look tactically poor to some but I think he's in a crap spot with the player we have available right now, it almost doesn't matter what team we put out it just massively lacks any real quality all over the pitch. I don't know who signed these players but that's where the failures are for me. If Smith picked them all, it's on him, if it was Suso then likewise.