Smart Content is really not very user friendly for a couple reasons:
1) It resets every time you click on something else in the scene list. This makes it particularly irksome when you want to apply material presets to an outfit that has multiple pieces to it. Each time you click on the next item, the smart content view resets and you have to drill back into where you were and then scroll down to the material presets. Terrible user experience.
2) It lumps everything together into one bucket with no discernible sort order. Thus, it’s hard to tell what is the actual figure item itself to load vs a material preset and so on.
3) There is a vast amount of content that does not come with metadata, so you can’t rely on it for finding everything you own anyway.
I long ago gave up on Smart Content. The only thing I ever do with it now is sometimes use it for a quick browse and then use the right-click option to “Open in Content Library” to jump the library tab’s location and then work from the library. But more often than not, I just use the Content Library and ignore Smart Content altogether.