Is there also a mechanical pressure relief? Not sure the setting but it should open to protect the tank.

If your replacement switch was set for 150 instead of 125 Psig, it may not have been good for the motor. If it was smoking, then you may have some damage.

I assume this is belt driven, could the smoke have been coming from the belts slipping? Not sure that is likely since you are having issues with motor and having to hit reset switch.

The Square D Pumptrol is a good switch and likely equal or better than OE parts. They are relatively inexpensive too. If you still have original switch, take it to your electrical supply house and get a replacement Pumptrol. There are a lot of different models of the Pumptrol