Of course that is a very hypothetical scenario, but I think it would have been much bigger deal than it is now.
Black activists could have portrayed Smith as a long sufferer of Hollywood's systematic racial discrimination, regarding what Smith did as the start of revolutions. So yeah, a hero is likely the word, wide spread riots are very likely to follow.
Racial tension will increase significantly, there might be clashes between white supremacists and BLM activists.
It would be much more difficult for the academy to maneuver, to punish Smith officially. So officially Smith would be let off easy, if any punishment at all.
But unofficially I think a lot of white people would be offended by it, the left would lose a lot of support. A lot of doors could be closed for Smith and whoever supported him, a lot of projects & big brands would probably drop him more decisively citing concerns over controversial image, etc.
Mainstream media could be a lot more hostile, because even the left might need to find reasons to cut ties with Smith, and they need good pretexts.
The likely scenario could be digging up things from his past, gradually play him as someone with history of violent behaviors, drug abuse and mental illness, to take wind out of black activists, to a point even they would drop Smith.
So in the end it won't end well for Smith, his wealth is probably not going to protect him, his family could turn against him over it.
Again, all those are my imaginations, come with my own prejudices and biases, and completely baseless. So hear it as a joke, nothing more.
Then again, if it were a white guy things would not have come to this. Smith did not have to go up there, just play the race card, that should be enough to finish the guy's career.
And as a white guy, unless he were crazy, he would have been treading very lightly when making fun of a minority woman.
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