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ummmm, because it is new and it has the next generation HEUI injector.
7.3 PSDs run pretty clean unless something is wrong with them or they have been at idle for a long time in the cold. If you see smoke in your mirror, you have a problem.
I did notice when I first got mine that it did not have that good ole' diesel smell that my old 7.3L had. It smelt different to me. BUT, when I got the exhaust, it had that good strong diesel smell back again.
I tried it too. No smoke.
I did see a guy a couple days ago with a red F250 PSd, big lift kit, get on it and belched black smoke the whole time. I figured it was chipped as fast as it accelerated.