You're actually hitting a real plateau, but it's not what you think. The problem isn't that smithing is bad—it's that you're still in the tier where dungeon loot and crafted gear are basically equivalent. Steel and Iron are entry-level, and Elven stuff you're finding is already a step up from what you can make at Smithing 60.
The jump happens when you unlock the perks for the next tiers. You need to push toward Dwarven and Orcish smithing (there's a perk for each), and more importantly, grab the perk that lets you craft advanced materials like Moonstone and Orichalcum. Once you're making Elven and Glass gear yourself, you'll actually outpace dungeon drops because you control the quality and can enchant it.
Enchanting is the real multiplier, though. A plain crafted sword is just a sword. An enchanted one is actually worth your ore. If you haven't started Enchanting yet, that's worth a grind—even just slapping a frost or shock enchant on your stuff makes a noticeable difference.
On Switch, you don't have access to any smithing overhauls that speed this up, so yeah, it does feel grindy for a bit. But once you hit like Smithing 75-80 and have a few enchantments backing you up, you'll stop picking up loot entirely because your gear will be better. Stick with it.