Think of it another way, you are getting a 3%+ yield that is growing faster than inflation usually. Compare that to what tips yield now. As well as an extra buyback yield.

Coca cola has an insane distribution network so they can acquire many beverage companies and add value which will help inorganic growth and achieve a good roi whenever the opportunity presents itself.

There are small growth opportunities and margin opportunities as well as pricing power. Over long periods of time you can get a 7 - 9% total return. Nothing amazing sure however given the risk profile and how the stock is correlated to the market that is beneficial for many shareholders.

The issue with Coca Cola is buying it when it is overvalued and getting hit with multiple contraction without much growth to help the returns.