I like this more than smash tbh.
I like this the more I play it and enjoy it for what it is, but I'm never going to outright just say it's better than Smash overall. Smash is still the GOAT and I think it having been out for close to 4 years on one platform while this is F2P on multiple is what really helped this game garner so much attention.
I think had Multiversus came out a month or so after Smash during it's run up with all the great character reveals and content, it'd be a hard stretch so the timing of this release benefited Multiversus.
The one thing it does better than Smash though easily is the online. The netcode feels smooth and I haven't had a match where I felt like I lost on some bullshyt due to netcode whereas Smash multi online was hit or miss.
Gameplay-wise(I prefer the feel of Smash) and sheer quality is superior in Smash Bros imo. Don'tget me wrong the quality in some of the movesets here are quite funny and interesting but I just prefer the feel of Smash with being able to run and dash.
Controls, UI, and overall content is just on another level in Smash BUT if more money is poured into this game, it can easily become even higher quality later on.