I purchased a bike rack from Performance Bicycle and I highly recommend it (
though I have not yet used it on a smart-mounted hitch though I see no reason why it would not work). This is what it looks like:
It's regularly $250 and is on sale right now for $140. It works with either a 1.25" or 2" receiver and the bikes sit upright and are easily loaded:
It holds two bikes and is adjustable for bicycle wheelbases from 17"-58". What's not shown is that the two arms that support the wheels fold (and lock) to the vertical position, making it less than a foot wide.
In order to provide stability and not wobble in the hitch mount, it uses a bolt rather than a hitch pin. That's a good thing to slow a potential thief, but makes it a bit more tedious to attach and detach from the hitch. Fair tradeoff, though.
I do not know if this has been mentioned elsewhere in the forum, but I wanted to share my experiences with it in case that would be helpful.