Olive oil does not have a low smoke point. The "myth" of low smoke point, however, is due to imprecise terminology. When discussing olive oil, the immediate assumption or meaning for most people is "extra virgin olive oil", which is an entirely different animal than just olive oil.
XV olive oil is the first pressing of the fruit, and to be a true "extra virgin" oil, it must be pressed without the application of external heat. This methodology gives the first pressing the characteristic flavors of the oil. It's those flavor compounds that have the low smoke point. Cooking with a good, expensive extra virgin olive oil results in, at best, flavors that have a more neutral tone (like second- or third-press oils) and, at worst, a foul-tasting oil due to the breaking down of the heat intolerant compounds into bitter- or burned-tasting ones.
Plain olive oil has a much lower concentration of these compounds due mainly to two factors: a large percentage of the compounds go into the first, cold pressing, and most plainly named olive oils are second or third "hot pressings" where more lower quality oils are extracted. I have seen "Virgin Olive Oil" once or twice; it's claimed to be the second cold pressing. I've had it once in a side-by-side (by side?) comparison with XV and plain; I could tell the difference between extra virgin, but that was all.
TL;DR: Most people mean "extra virgin" when they say "olive oil" so the spirit is correct, even if the terminology is incorrect or imprecise.