If it's just purely mindgames and reads, something all fighting games require, especially at the higher levels, then ARMS is lacking a ton in comparison.
The thing about Smash though is that the player's individual style can shine through. I don't see that happening with ARMS, every character just throws punches, sure different arms have different abilities, but you're just throwing punches. It's not like Smash where one person will play a very zone heavy Villager, while another plays an aggressive rushdown. Aside from the arms they choose, every Minmin will play the same, every Spring Man will play the same, I don't see anything that really allows the player to shine through and really show how much better or different they are from others.
edit: I see something was mentioned about different playstyles
---
Anyways, Core-A gaming released a video on reducing skill gaps