It would have been much easier and cost-effective to use wlroots, which has a solid base and has ironed out a lot of problems. On the other hand, Cosmic devs are actively working on it, and I can see it getting better gradually, so you get some indirect manpower for free.
I applaud the choice to not make another core Wayland implementation. We now have Gnome, Plasma, wlroots, weston, and smithay as completely separate entities. Dealing with low-level graphics is an extremely difficult topic, and every implementor encounters the same problems and has to come up with independent solutions. There's so much duplicated effort. I don't think people getting into it realize how deceptively complex and how many edge-cases low-level graphics entails.