Haha, yeah, I know what you're saying, I really enjoy smithing too and do it a lot. I collect linen wraps and everything else I can use with the smithing mods I have installed. I'm eventually going to make every piece of armor and clothing available and see which I like best, mix and match, and equip my follower with. It's a lot of fun, and a Davahkiin should have en extensive wardrobe =)
I don't know what it is that's so satisfying about doing it. And it's not even me doing it, it's my character doing it, lol, but I don't get the same satisfaction out of alchemy or enchanting for some reason. I think it's the animations and the sound effects of the tools and the smithing area. I'm a tinkerer by nature and I love fixing and assembling and building things with my hands and having a tangible result, a "thing" that I can look at and that is useful. It's not the kind of stuff I get to do in my day job and I do stuff at home but nothing like making a suit of armor, lol. So I guess it really appeals to me for that reason. I think it's one of the reasons I enjoy followers so much, I love taking what they have and upgrading it or even making them something completely new and much better than what I found them with. It's especially satisfying for hirelings and "favor" followers, who are not duty bound and who usually end up doing a lot and risking a lot for nothing or what seems like very little reward. So at least if I dismiss them I can send them on their way with awesome armor and weapons as token of gratitude.