In reloaded the Architect (sp?) says that he is the father and that the Oracle is the mother of the Matrix. So one can say that everything created within the Matrix is done so by him and the Oracle thus The Oracle is Smith abd every other Agent's "mother"
Ok, so in The Matrix: Revolution, before Smith takes over the body of The Oracle, The Oracle calls him a bastard, and Smith said "You would know, mom." Did the Oracle create Smith?
I think there's more to it than that, Smith is a "bastard" due to the fact that Smith became supersmith solely because of the Oracle and not the Architect. It was her plan to unbalance the equation. This was her independent action in playing a "dangerous game" which the Architect mentioned when the truce began.