Why would anyone want to short puts, or calls for that matter, without an offsetting long put or call for protection thus limiting risk and reducing attendant margin?
Selling the 5P is a 5-wide vertical. Let's not open the peanut gallery, please. This isn't a thread about the evils of writing naked.
You don't hedge if you believe you can beat the market. Delusional, sure, but the World is littered with delusional gamblers.