I had a similar issue, in the present year of 2022. I verified that the codec streamers could display video with the following commands, and they all worked:
FFMPEG:
$ ffplay 'video name.mp4'
with gstreamer:
$ gst-play-1.0 'video name.mp4'
mplayer:
$ mplayer 'video name.mp4'
This was courtesy of the following post: https://ubuntuforums.org/showthread.php?t=2422025&p=13870148#post13870148
I ensured that the mpv 'Multimedia Engine' (located at Preferences → General tab) was indeed located at SMPlayer's designated/preferred location of: /snap/smplayer/64/usr/bin/mpv
I also used the 'other' location of a standalone mpv I installed separately, by manually specifying the path: /usr/bin/mpv
SMPlayer still refused to display the video, but could stream the audio.
Also there was no suitable 'Config' file (out of 49 with config string in their filename) to adjust according to mate-search-tool in the file path: /snap/smplayer/
In the Preference → Video, setting of SMPlayer, I changed the 'output driver' from 'default' to 'x11'. Video worked. Video files were encoded with MP4 and MKV(HEVC)
Also if you install SMPlayer with Snap repository, you'll need to go to 'Ubuntu Software' manager and adjust its permission to be able to read file off a removable drive like USB and encrypted partitions.
