Smart Objects in separate layers

Another similar thread here (selected layers, not all):

https://community.adobe.com/t5/photoshop-ecosystem-discussions/script-that-converts-layers-to-separate-smart-objects/m-p/11966325

Smart object layers have high overhead, lots of baggage and some restrictions.    Your most likely do not want to have 150 smart object layer in a document. They a a special purpose type layer, not a general use layer type.

Another option is to create a simple 2 step action, which would convert the current layer or set to a smart object, then select the next layer down:

Then, a script that repeats an action could be run, however, you have to enter in the exact number of repetitions required:

// Repeat action N times
// https://forums.adobe.com/thread/2649334
// https://forums.adobe.com/message/11234144#11234144
#target photoshop
function main() {
    for (i = 0; i < 150; i++) // Change the number 150 to be however many times the action should be repeated
    {
        app.doAction("Run", "Make SO Layer"); // Change the action and action set as required
    }
}
app.activeDocument.suspendHistory("Repeat action N times (history suspended)", "main()");

Then select the very top layer or layer set and run the script.

EDIT: This version uses a prompt GUI to enter the repetition number, rather than hard-coding the number into the script –

// Repeat action N times GUI
// https://forums.adobe.com/thread/2649334
// https://forums.adobe.com/message/11234144#11234144

#target photoshop

// Loop the input prompt until a number is entered
var origInput;
while (isNaN(origInput = prompt("Enter a whole number:", "150")));
// Convert decimal input to integer
var inputToInteger = parseInt(origInput);

function main() {
    for (i = 0; i < inputToInteger; i++) // Variable prompt N times
    {
        app.doAction("Run", "Make SO Layer"); // Change the action and action set as required
    }
}
app.activeDocument.suspendHistory("Repeat action N times (history suspended)", "main()");

EDIT: 7th June 2020 – Original input prompt replaced with more robust code!

An action would need to have 150+ layer selection and conversion steps built-in.

Try this script (work on a duplicate file just in case it is not what you are looking for):

// convert all top level layers and layer sets to smart objects.jsx

function main() {

    if (!documents.length) {
        alert('There are no documents open!');
    } else {
        processAllLayersAndSets(app.activeDocument);
    }

    function processAllLayersAndSets(obj) {

        // Process all layers and layer sets
        // Change the following 2 entries of "obj.layers" to "obj.artLayers" to exclude layer sets
        for (var al = obj.layers.length - 1; 0 <= al; al--) {
            app.activeDocument.activeLayer = obj.layers[al];

            newPlacedLayer();

        }

        // Process Layer Set Layers 
        for (var ls = obj.layerSets.length - 1; 0 <= ls; ls--) {
            processAllLayersAndSets(obj.layerSets[ls]);

            newPlacedLayer();

        }
    }

    // Convert to smart object (Cleaned AM code)
    function newPlacedLayer() {
        var s2t = function (s) {
            return app.stringIDToTypeID(s);
        };
        executeAction(s2t("newPlacedLayer"), undefined, DialogModes.NO);
    }
}

activeDocument.suspendHistory('Smart Objects from Layers & Sets', 'main()');

https://prepression.blogspot.com/2017/11/downloading-and-installing-adobe-scripts.html

P.S. This code may be a bit slow on 150+ layers, it uses standard JavaScript Reference DOM code, I don't know how to do this via Action Manager code which should be faster.