You’re moving value later to value now, in the form of enjoying smoking.
Consider: if the conditions of our work were different, many people would not smoke. If nicotine didn’t happen to have a biological effect on the human brain, then nobody would smoke. The value created is only in the context of those constraints, and many more (including regulatory ones, which is why we see less smoking today).
I view it as a type of loan. Is loaning money a productive activity? Of course not, because no value is created, it’s merely moved. If the entire economy was just loaning money, then GDP would maybe go up but no value would be created. Smoking is a loan from the tobacco company. You get immediate relief, in the cost of more value paid back to society at a later date.
Consider: if the tobacco industry has sold 5 billion in tobacco products, but tobacco as a whole results in 20 billion dollars in lost productivity and healthcare, then the value generated is -15 billion dollars. In actuality the estimates are much worse, because typically models only consider healthcare cost, not suffering or lost productivity due to death. Suffering, too, has a cost. How well do people work when a loved one dies?