Med schools can't draw any conclusions about you as a candidate by looking at your performance in a traditional graduate program. Traditional grad work isn't standardized, at all, and figuring out whether a curriculum or thesis is any good requires WAY more time than a med school is going to spend on an individual candidate.
By comparison, med schools can look at undergrad GPA, couple it with an MCAT score, and know that this is a reasonable metric across the country. It's not bulletproof, but it's a reasonable basis for comparing candidates.
An SMP, in contrast to traditional grad work, is hosted at a med school, with med school faculty vouching for a student's capabilities against the M1 curriculum. That carries weight with med schools - it's an audition for med school, in med school. Unfortunately the term "SMP" is applied to programs that meet no such criteria, in conversations in this forum, which muddies the waters here but has no effect whatever on med school admission folks' opinions.
Best of luck to you.