Smelling salts are nothing new, and have been around for some time, even outside of hockey. The earliest variation of the inhalant can be traced back to the Roman era when those who practiced medicine would use these chemical cocktails to wake up unresponsive patients. Women also carried ammonia — a key ingredient in smelling salts — with them and used it if they ever felt faint. Smelling salts were also used on wartime battlefields when soldiers were faced with serious inflictions or wounds.
From a health perspective, smelling salts aren't necessarily "bad" for you when used in smaller doses, which is exactly why each capsule used by hockey players is typically no larger than a piece of Tootsie Roll candy. If the inhalent is used in larger doses, then it can be more problematic.