I’m not convinced it offers better cogs actually. You can do line speed on CPU with DPDK these days and even relatively beefy CPUs are probably cheaper than a specialized hardware like a xilinx card.
Gcp for example has the potential for ~1 k revenue per core over a system lifespan. A smart nic is probably ~1.5k, so saving 2 cores outs you in the black and has other security advantages.