At least alcohol produces side effects that people enjoy. Smoking pretty much only has negative side effects once you get hooked.
Nicotine absolutely produces effects that people enjoy. Smokers don't just do it because they want to smell bad and look cool.
Now, the euphoric effects that you get at first, those very rapidly go away with tolerance. With habitual use, you probably only experience a tiny shadow of that with the first hit of the day, or a respectable replay if for whatever reason you go a couple days without (which is heightened by the cessation of withdrawal). The nausea and disorientation also go away, which is nice since otherwise it would be a problem.