The value propositions of SMRs are logistics and re-use of existing infrastructure. The idea is that you could have easily transportable reactors that you can plop down in an existing coal plant, and then reuse the turbine, dynamo, etc. that are already in place.

The fact that we haven't seen more widespread use of SMRs suggests that you're right. But it's important to point out that there are cost saving opportunities that could potentially reduce the net price per watt despite worse thermodynamic efficiency.