In a game with literally over 500 spells, other magical effects are turned into spells to streamline everything.
After all, what is a spell? A magical effect. What is divine smite? A magical effect...specifically one that required spell slots to function.
I think at this point, WotC should go all the way and just turn every actual magical effect into a spell, lay out every mundane effect as if it were a spell, call everything "Powers" and make classes collections of guaranteed powers, optional powers, and powers you can choose from.