It does seem to lack something quite critical.
It doesn't address ACCOUNTABILITY.
Most Agile teams have no issues coming up with SMART goals. The problem lies in actual carrying it out.
Many times Agile teams start off their sprint retrospective by reviewing the SMART goals they agreed to at the last retrospective, only to discover that none of them were actually actioned.
What if the team identified consequences for each SMART goal?
Instead of a shaming consequence, the team could come up with a fun consequence where everybody benefits.
For example, the team could decide that the consequence of not meeting their SMART goal is to fix one defect from another team.
In this case, the team benefits because they get the opportunity to learn a codebase they may not be familiar with. The other team benefits because now they have on less defect to fix. The product benefits because the quality has improved.
SMART goals with consequences are likely to make them more achievable.