Photoshop script to replace a smart object within a PSD with selected image(s) and save result as a JPG. (Transformations to the smart object will be applied to new images).

replace_smartobject_image.js

// Replace SmartObject’s Content and Save as JPG
// 2017, use it at your own risk
// Via @Circle B: https://graphicdesign.stackexchange.com/questions/92796/replacing-a-smart-object-in-bulk-with-photoshops-variable-data-or-scripts/93359
// JPG code from here: https://forums.adobe.com/thread/737789

#target photoshop
if (app.documents.length > 0) {
    var myDocument = app.activeDocument;
    var theName = myDocument.name.match(/(.*)\.[^\.]+$/)[1];
    var thePath = myDocument.path;
    var theLayer = myDocument.activeLayer;
    // JPG Options;
    jpgSaveOptions = new JPEGSaveOptions();  
    jpgSaveOptions.embedColorProfile = true;  
    jpgSaveOptions.formatOptions = FormatOptions.STANDARDBASELINE;  
    jpgSaveOptions.matte = MatteType.NONE;  
    jpgSaveOptions.quality = 8;   
    // Check if layer is SmartObject;
    if (theLayer.kind != "LayerKind.SMARTOBJECT") {
        alert("selected layer is not a smart object")
    } else {
        // Select Files;
        if ($.os.search(/windows/i) != -1) {
            var theFiles = File.openDialog("please select files", "*.psd;*.tif;*.jpg", true)
        } else {
            var theFiles = File.openDialog("please select files", getFiles, true)
        };
        if (theFiles) {
            for (var m = 0; m < theFiles.length; m++) {
                // Replace SmartObject
                theLayer = replaceContents(theFiles[m], theLayer);
                var theNewName = theFiles[m].name.match(/(.*)\.[^\.]+$/)[1];
                // Save JPG. If you have need of saving different artboards into separate files,
                // see https://gist.github.com/laryn/0a1f6bf0dab5b713395a835f9bfa805c#gistcomment-3996733
                myDocument.saveAs((new File(thePath + "/" + theName + "_" + theNewName + ".jpg")), jpgSaveOptions, true,Extension.LOWERCASE);
            }
        }
    }
};
// Get PSDs, TIFs and JPGs from files
function getFiles(theFile) {
    if (theFile.name.match(/\.(psd|tif|jpg)$/i) != null || theFile.constructor.name == "Folder") {
        return true
    };
};
// Replace SmartObject Contents
function replaceContents(newFile, theSO) {
    app.activeDocument.activeLayer = theSO;
    // =======================================================
    var idplacedLayerReplaceContents = stringIDToTypeID("placedLayerReplaceContents");
    var desc3 = new ActionDescriptor();
    var idnull = charIDToTypeID("null");
    desc3.putPath(idnull, new File(newFile));
    var idPgNm = charIDToTypeID("PgNm");
    desc3.putInteger(idPgNm, 1);
    executeAction(idplacedLayerReplaceContents, desc3, DialogModes.NO);
    return app.activeDocument.activeLayer
};

@schroef sure, I uploaded a .zip file with a simplified .psd and few of the .jpg files that I want to batch replace with the script here:
https://drive.google.com/file/d/1P6gkPsgf4GSwR3uGhHLj4jLzcET94o5N/view?usp=sharing

I am using the "replace_smartobject_image-v004.js", so I suppose that is the latest version.

In the meantime, I was able to find some workaround — it seems that the problem is with the different DPI of the smart object and the replaced files. The smart object is set to have 1920x1080 with 300 DPI and the replaced files are 1920x1080 with 72 DPI. I supposed that the script can handle the resizing also with different DPI, but probably not. I created a simple action to bulk change all the replaced files to 300 DPI and then used the script (which worked), but if there is a possibility to improve the script to handle not only different dimensions, but also DPI, it would be great!