In a recent game, our discard pile was down to 1 card, an exploding kitten. A Swap Top and Bottom card was played by the next player. In this situation when there is only one card left in the draw pile being an exploding kitten, is it reasonable to create a new draw pile from the discards and swap the cards or would the swap top and bottom card be useless? Some guidance on this would be appreciated.
No, creating a new draw pile from the discards does not make sense in Exploding Kittens.
Although this is a common thing to do in some other games, the instructions of those games specifically say that you should do that. In Exploding Kittens, there's no such rule as re-shuffling the discard pile to form a new draw pile. It's simply not something you ever can do in the game.
The rules do specify "You won't ever run out of cards in the Draw Pile".
In the case of "Swap top and bottom", if taken completely literally, the top card and the bottom card are both the same card. So you swap it with itself, thus changing nothing.
You could ask a similar question about "Look at 3", and then I'd suggest that the most reasonable thing is to simply do as much as you can, which would be look at just 1 (or 2, etc). But you can't just invent a "shuffle the discard pile" rule.