Are you looking at the raw value, or the normalized value? For many SMART attributes, the raw value is vendor/model-specific. The normalized value typically (but not always) starts at 100 and counts down towards 0 as the drive wears out or fails.
In this case, the raw value is PROBABLY either an average or a worst-case of the number of times each flash block has been erased and reprogrammed. Assuming it really is the number of program/erase cycles, a value of 38 isn't bad, with the possible exception of first-gen QLC flash (which had rather low write endurance).
OTOH, if it's a normalized SMART value, then the drive has 38% of its rated write endurance left (i.e., it's 62% worn out).
Edit: Waco beat me to it!