Why do I buy cheap OTM puts?

SLV credit puts spreads is the core of my Income Portfolio. A typical spread is -1 16 Put hedged with +1 13 Put.  Almost always  I have a feeling that cheap OTM puts are a useless waste of money. I have to suppress this emotion because back in 2008 SLV printed $8.5. If a financial crisis like in 2008 will happen again and the SLV price will drop say to $10 the baseline for me will shift $3 down but the income strategy will keep yielding interest. It turns out that Mark Spitznagel has a similar approach to risk hedging.