There's no such thing as "secure, but not trusted". The security depends on the trust. That isn't just how TLS works; it's how all secure key exchanges work.
Client-server TLS has a goal of actually thwarting adversaries. SMTP encryption is mostly about raising the costs of adversaries (I think there's plusses and minuses with this strategy; to some threshold, increasing costs for the US IC is actually helping them, organizationally, because the IC's real primary goal is budget-seeking).