I would carefully remove the shell and do a visual inspection.
Looking at the smoke unit itself that I believe your locomotive has, I would disconnect both sets of wires (noting what goes where!) and then see if you get 8 ohms across the two solder joints I circled in red:
If not, then you know the heating element has gone bad. You can probably just get a 691RES8OHM 8 ohm heating element from Lionel and replace it. If you don't feel like soldering, or the issue isn't readily the heating element, Lionel also does have the 610-4572-200 smoke unit as a whole available.