That seems a BitShares-specific "con" argument. My intention, however, was to describe the categories of decentralized trading mechanisms, not only the single implementations. BitShares is only an example for the "Smartcoin" category, although it is possible that "smartcoin" is a term used mostly in the BitShares ecosystem.
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Yes, that is BitShares-specific.
Which other Smartcoins exist? The only one I'm aware of is SBD, which is safe wrt that issue.
As of existing solutions, for now, I am aware only of these two. But at least one similar solution is in the making - the ethereum-based Maker DAO with the Dai stablecoin, that seems to work pretty similar to the BitUSD.
There is also SuperNet's PAX, another solution in development, although I don't know if it's not vaporware. It works a bit different than BitShares, but their "USD+", as far as I understand it, could be classified as a smartcoin.