The first honest to God rock show (as in not at the high school gym) I saw was Deep Purple on that tour, with Fleetwood Mac opening. That's a strong album. Even "Smoke" wasn't so bad before you'd heard it a thousand times.
As a now-retired wordsmith, I like songs with interesting lyrics. Lyrically, I think "Smoke on the Water" is weak. Yeah, I know, it describes an actual event, but it's an event I don't care about. "The Wreck of the Edmund Fitzgerald" it ain't.
The song has an opening riff that that really gets your attention, and then it unspools that dumb story. Moreover, Ritchie Blackmore takes that riff and hits you on the head with it, over and over. The fact that it's in the daily rotation of every clashic rock station in America amplifies that fact.
Blackmore has said he didn't care about songwriting during the period. Historically, the songs of Deep Purple Mark II were basically a showcase for his guitar work.
Blackmore is a talented musician, as are/were Ian Pace and Jon Lord. I don't care much for Ian Gillian's style. Unfortunately (IMO), Lord's musical prominence in the band faded notably in Mark II. Mark I relied on song covers too much, but I preferred the sound of that lineup – Lord's Hammond and Rod Evans' vocals gave it atmosphere.
But I will acknowledge that yes, "Smoke on the Water" is not the worst pop song ever. It's merely mediocre.