Utoikamanu lit the fuse for a fiery grand-final week on Monday when he claimed several Broncos were "stuck up", and he wanted to run over them.
The verbal barrage is easily the biggest grand-final week barb in more than a decade, in a clear break from the traditionally sanitised build up from teams.
Few players know Bellamy better than Smith, with the hooker having played all but two of his 432 NRL games under the veteran mentor.
"I think in his mind he was probably thinking 'not ideal'," Smith said of Bellamy's likely reaction.
"Thinking about my time at the Melbourne Storm, it's a very different squad to when I was playing there.
"I haven't been involved for five years now, but I think his message to big Stef would be 'well you've said what you said, now you have to back it up with your actions'.
"That's all you can do."
Smith's comments come after fellow Melbourne legend Cooper Cronk suggested on Monday night Bellamy wouldn't have liked the comments.
Preparing to play in his first grand final, Utoikamanu said he wanted the opening hit up to "run at" Brisbane because there were a lot of people he didn't like in the team.
That prompted an immediate response from Brisbane, with Payne Haas denying his side was arrogant and Shane Webcke labelling it music to the team's ears.
Smith quipped on Tuesday the Broncos should kick off away from the Storm front-rower "just to stir him up a bit more".
But the five-time grand-final winning hooker said he had no doubt the Melbourne recruit could back up his words at Accor Stadium on Sunday night.
Utoikamanu has been Melbourne's best forward in the finals, with Bellamy labelling the NSW State of Origin representative the form front-rower in the competition.
"Looking at Stefano's game against the Sharks (in the preliminary final), I thought he was super impressive," Smith said.
"I thought he was probably one of the top three players on the field that night.
"Particularly his first stint, he gave the Storm players in the spine some real opportunity to play some footy. He was aggressive.
"The one thing I know about Stefano is he won't take a backward step.
"He is a guy who has come out and made those comments and I think he'll back it up with his actions."
Smith was speaking at the NRL's grand-final breakfast, where this year's premiership rings are unveiled.
The ring is lined with emeralds around the outside, giving off the same green look as minor-premiers Canberra's jersey after their straight-sets finals exit.
Sunday's grand final is close to a sell out with more than half of tickets sold going to interstate or overseas fans.
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