Instead of the basic collar or synthetic stock position using options, how about using verticals? Caps risk and uses less margin. Plus, when we use options, we typically aren't playing for a moon shot or a bankruptcy, so why pay for an option that provides a huge payoff we aren't expecting? Other than missing out on a potentially massive gain (or loss), is there any reason to not use verticals instead of simple calls and puts when trying to collar an existing equity position or create a synthetic stock position?
A long synthetic stock position and a bullish vertical have very different R/R spectrums. The bang for the buck depends on the size and direction of the move as well as the time involved. In the case of a long stock collar and a vertical spread (synthetic equivs), I prefer the long stock collar when dividends are involved but I don't think that's what you were getting at.
An investor who enters a collar option strategy wants the stock to trade higher and get called away at the call strike price. It's a way of capping your max return in exchange for insurance on the downside. No matter what option strategy or implementing with your stock, it'll outperform the trader never implements options.