How is it not worth it? If you get a smug villager every time it's no worse than a 1/31 chance. Depending on how many smug villagers you have in your town/have recently moved out, it could be a bit better than that.
Except frequently you don't get a camper, and you won't get a smug everytime, even if you have no smugs currently. I have no idea where that myth came from but it's absolutely not true--I've had the game throw a third peppy at me when I had no uchis, for example.
Let's be very generous with the odds and say half of the time you have a camper, and half of that time it's a smug (way high imo, but we're being generous here). Then your odds of a particular smug would be 1/120. How long does it take to do one reset and runaround? Maybe three minutes, though I think it's actually longer. With those numbers, you get that your expected amount of time to get a particular smug camper is 6 hours. It could be more or less depending on your luck, but that's the projection.
And keep in mind that is being very generous about assumptions--I certainly don't get campers anywhere near half the time, nor do I get campers/plots of a missing personality type half of the time. OP took 10 hours--that may even be good luck.
Of course, whether it is "worth it" is totally subjective. But to me, I'm not going to spend 10 hours doing something totally mundane/not fun for something that I can get in almost no time at all (by getting the villager from somebody else). YMMV.
And again, what is worth it is subjective. I'm certainly not knocking on anybody who thinks it is. But from a pragmatic standpoint, I think a lot of people would prefer not to do such a thing.