In short, the answer is yes. It is possible to achieve a smash factor that is marginally higher than 1.5, meaning 1.51 and 1.52 are indeed possible when using measurement devices like Trackman. However, the accepted limit for professionals, world long drive champions, and amateurs remains 1.5. If you are harboring hopes of exceeding this limit, your ball speed numbers will bring you back down to earth.
The reason for this limit is fairly simple. The USGA has stipulated that conforming (legal) golf drivers may not exceed a COR limit of .830. COR stands for coefficient of restitution, which could be interpreted as the maximum amount of energy that a driver can deliver into a golf ball. If you use a non-conforming driver like the Krank Formula 11 series, you can unlock a COR of .890, which could easily generate a smash factor that exceeds 1.5.
This should also explain why the latest drivers don’t actually travel all that much further than the previous generation (you need only look at PGA tour driving stats for confirmation of this fact). At the end of the day, they all need to conform to the USGA’s .830 COR limit, which is the most important factor in determining how far a driver can actually hit a golf ball.