It would be nice to have a method for returning HTML instead of plain text into <div class="item-title">:
Example:

In my specific case having optgroup I'd like to group them by optgroup name with a popup / tooltip to show all the values.
Example of solution:
$f7.smartSelect.create({
formatValueHTML: function (values) {
return values.map(el => `<a style="display: inline-block" class="button button-round button-outline button-small tooltip-init">${el}</a>`).join('');
}
});
Or a simple preview button with open popup.