That's a good strategy for institutional investors having a lot of capital and buying shares on a regular basis. Most individual investors are lacking on necesary capital and patience and are buying leveraged products, are afraid of margin requirements.
Selling covered calls, if you have bought shares on the other side, can further improve your yield. May be I should apply this strategy on both sides with shares with high dividend yields. First selling uncovered puts, and then, if I had to buy, covered calls.