In fact the whole situation is very much analogous to Kernel Lockdown, which is controversial.
With signed bootcode you can give a reason for not letting the userspace modify the SMM code. But when all this stuff was designed there were no bootcode signatures.
Don't forget that SMM code started out in A0000 --- the area of RAM that would've otherwise been inaccessible and wasted anyway, because it was usually decoded to the VGA. Also, this was the era of DOS; there was no difference between "kernel" and "application".