Quite similar to Running shine grab, up smash can also hit; it has a better hitbox and similar speed to grab, after all. Up smash can even hit characters that get knocked down, although it is not always true. Because of knockback stacking, such an up smash will kill somewhat earlier than a raw one.
In a lot of cases, a grab is more rewarding than a stray up smash, and if you're going for the throat on a high-percent opponent, a Waveshine up smash may be a more consistent option. This technique is, however, undeniably stylish.