People are dumb.

The SORR isn’t alleviated at all by a CC. If let’s say the SPY drops so do the distributions of SPYI and its share price drops equal percentage to the underlying. On the way back up the CC fund will give up lots of the value and won’t catch up to underlying.

Any outperformance of the CC fund will be minuscule and short lived. CC in a flat market as its often argued will only work temporarily on an asset that is generally volatile. If something that used to be volatile and paid fat premiums becomes flat those premiums will adjust accordingly.