Out of Obscurity
As a smash player I'd like to clear up this comparison, as it's a very good one if someone that actually knows both games does the comparing.You don't seem to understand the differences in the glitches which we allow and the ones which we don't. I've already drawn up the comparison between the Smash community and how they ban certain glitches which are deemed game breaking but leave the others free to use. (The IC's freeze glitch is banned while L-cancel and wavedash are not.).
First of all, L-Cancel and Wavedash are bad examples, through study and Sakurai interviews we know these were programmed into the game. It's no different as Flash Fire absorbing Fire-type moves, it was put there on purpose for that intent.
Other examples with real glitches are better.
There are numerous glitches that cause an opponent to be stuck in place, unable to do anything. You can beat them and then throw them to death. Most of these glitches can be easily preformed if the player knows what they're doing, are virtually impossible to do on accident, and allow free wins, pretty much. It would be like letting the Mimic glitch give Machop No Guard sheer cold or something, easy wins, overcentralizing and abused.
On the other hand oversights like canceling lag in attacks by sliding off ledges (edge canceling) were definitely not intended(seeing as how it was removed in Brawl and some variations even removed in later versions of the game), but weren't really gamebreaking. It allowed a more healthy and smoother variety of gameplay. While nobody really thought of these as "bugs", we did it because we could. You can do the Pomeg Glitch, it wasn't intended, but it certainly helps the metagame, so why not?
That's what I say of things.