SMGs are simple and easy to produce because they are blowback. Blowback works OK with cartridges in the 9mm/.45 class, but with a .454 or a .44 Magnum, the bolt would have to weigh something like 10 pounds or the gun would have to have a locked breech. The former negates the small and light advantages of a sub gun, and the latter cancels the simple and cheap aspects.
Things may change, but with the availability of light carbines based on the AR-15 there would not seem to be any role for traditional SMG's in military or police use. If full rifle power is not needed, the 9mm carbines are available.
Jim