Why is there smooth muscle in our bronchioles?
There are at least two things to consider.

First, ability to limit airflow is a defense mechanism for animal. Imagine getting into area of some sort of toxic evaporation, e.g. CO2 cloud near volcano , then it makes sense to decrease delivery of toxin via lungs to minimum. As I understand, that is what an allergic asthma attack. (Sorry for not providing good enough source of that)

Secondly, you are incorrect in assuming that normal state is "dilated". Dilation of branchioles is sympathetic ("fight-and-fly") response of the nervous system to something like danger, that requires short-term boost in energy production. That is, by default, your airflow is limited. Probably, to limit amount of energy you effectively burn via oxygenation. But most importantly, you leave yourself a reserve in terms of oxygen supply for critical moments.

Some more information you might find here.