I'm used to how Ultima Online worked (yes that long ago, but have played other MMO's) where GM black smiths made armor and their names would be attached to the armor/weapon to be able to sell on their vendors in there homes to players. What's the point in this game?
So, did you all start crafting and adding to the skill points after you finished the story line, or do it all the way through leveling up? I'm only level 13, but the gear I've gotten so far seems pretty good.
The point to being a high level blacksmith is to be a high level blacksmith.
Yes, that does mean that you can create armour and weapons for your characters, or for other players in trade, and there are also dyes and achievements associated with the process but still... why not just do it?
Blacksmithing in this game is almost painfully easy, especially compared with other games or even Enchanting, my primary character got to 50 Blacksmithing without even noticing through Deconstruction and Trait research. The next down is at L38, again without putting in significant effort.
Perhaps a better question might be "Is there a point to not becoming a high level blacksmith?"
To which I would answer: No.