If criminals didn't frequently obtain their firearms by stealing them from legitimate users I might buy your argument a little more.
A smartgun should be able to prevent a criminal from immediately using a stolen gun; in other words they can grab it away from you and then shoot you with it.
But bullets and guns are ultimately too simple of devices to keep people from being able to strip off the "smarts" and render a stolen smart gun usable again. Ultimately all the smarts are doing is deciding whether or not the firing pin get to strike the primer in the base of the bullet. It seems there's only a couple ways the smarts can control that; one is to disrupt the mechanical linkage between the trigger, the firing pin, and the bullet and the other is to replace that with an electronic path where you use a servo or something activate the firing pin.
The first type you remove the ability to disrupt the mechanical path and the second type you replace the smart electronics with a simple connection from the trigger switch to the electronic firing pin activator.
Smart guns, if they have sufficiently lower failure rates solve a number of problems; but criminal stealing a gun and making it usable for a later crime really isn't one of them.