I might be missing a point or two here, but I don't see how SMTP can work for this case at all. You would require every API consumer to setup a SMTP server (which is another piece of infrastructure to maintain), and then somehow have a layer of authentication so the recipient can control who post messages on that server (overhead for the publisher per new customer). Then we still haven't resolved the issues on the customer side (a bad code that could pop all messages and now we might require the publisher to replay them again).
I haven't even started to think about security and network hardening challenges yet. Again, I might be missing the point but this is not a case of cool tech overuse to me.