I don't have a "good" answer but I do have some answers.
Per
+++ MIDI.ORG +++ the main distinction between MID and SMF files appear to be where the file originates.
(SMF) files are typically created by a "MIDI sequencer" (software or hardware) and then played on some kind of MIDI synthesizer.
. I gather from this that SMF is somewhat hardware or software specific whereas a MID file is more device agnostic and computer orientated.
+++ THIS +++ site by the US Library of Congress indicates a SMF file can contain additional data not specified in the MID file specification.