We use Smart Objects for our workflow quite a bit. This is a reason for us to create a simple script that does the job. Why do we use Smart Objects? We mainly use them to utilize Smart Filters.
Free download from here.
Unzip the downloaded file and copy the DOP_MakeSO.jsx file into the Photoshop/Presets/Scripts folder (CS3 or newer only, works also in 64 bit)
Select the top layer and have the top layer group collapsed and run
It creates a smart Object on top of your layer stack.
Now you can perform Smart Filter operations on this Smart Object.
Handy to have this script. We wrote this article in preparation of other articles where we plan to use these Smart Objects.
Note: We actually call all scripts from a simple Configurator 2 panel. All often used operations are just one click away. Give it a shot.