The code of a smart contract will never be "the law of the land", because thousands of years worth of precedent in the legal systems of every country in the world give leeway to override the terms of contracts to satisfy other legal considerations.
Well, it could be if it is irreversible, which is what the debate is about.
Bitcoin has done a pretty good job of being irreversible, despite all the illegal stuff that happens on it, and how much I'm sure all the governments would LOVE to shut it down.
