This really makes no sense. How is comparing "SMT A" to "the lack of SMT A" in any way similar to comparing "SMT A" to "SMT B"?
Maybe the term "IPC" wasn't used but everyone made comparisons between Core i5s and Core i7s, with SMT obviously being the differentiator. IPC doesn't inherently mean "per core", although that's also a legitimate comparison. IPC is just that, instructions per clock, and you can do more if the application uses SMT effectively.
When most people use the term IPC they do really mean "IPC per core" though. It's an odd one because a "core" constitutes lots of parts, and you wouldn't say "it's not a valid IPC comparison because one chip has more cache" or "it's not a valid IPC comparison because one chip has AVX512 instruction set and the other doesn't". So I feel SMT is a perfectly valid variable to include, it just obviously makes no difference to single threaded workloads.