This is truly a double-duty exercise. It serves two purposes. It builds explosiveness on the concentric (pulling) portion of a chin-up because each rep is re-set at the bottom of the movement.
It also takes you from single-chinner to multiple-chinner. This could be the result of increased grip strength and scapular retraction, which becomes a necessity since there's no need to swing, hump, or kip your way up.
The Smith machine is used by bodybuilders, strongmen, and powerlifters. And they're bigger and stronger than you, hater. Maybe it's time you learn to use it right. Here's how.