Smoother tool needs actually smooth
The Smoother tool needs to have the functionality to smooth the peaks and valleys in a jittery motion path towards the average of the selected keyframes. this is to reduce peaks a valleys visible in the graph editor while KEEPING the original keyframes. the more times you press the smooth button, the smoother the line will get.

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Nate Foster commented
@ChristineGoldby: Correct. I'm not looking to remove keyframes and replace them with Bezier curves; i want to reduce jitter by reducing outlier keyframes to a median path.
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Hi Nate, thanks for the feedback.
For clarification, in the image you shared, the preferred result (which I agree, does look more like what I would expect from smoother) is changing many of those original keyframe values. Is this more of a request to have it not get rid of all the keyframes but rather to adjust them along more of a median path to minimize the jitter?