It is well known that Tolkien's stories are full of archetypes and that all of them are perfectly written: The King, The Magician, The High Priestess, The Everyman, The Hero. But one that many forget in the analysis is the Smaug's archetype. What is the Smaug archetype of?
He is the archetype of the overblown pride. Pride so big that it does not see anything before it. And in his grandiose pride, he dies in the most unheroic, humiliating way. Tolkien knew this - pride goes before the "Fall".
When we are so confident and proud, we fail to look around or behind - we think ourselves indestructible. Then some "peasant", hiding in the bushes, aims for the head of the proud peacock in the middle of his fanfare. And he dies not a hero, but with awareness of the lie.
"Pride goes before destruction, a haughty spirit before a fall." - Proverbs 16:18