Can someone give me a non-bias understanding of these income funds (SPYI, JEPQ, YMAX, QQQY, etc)?

There are a lot of new "income funds" in recent years. My understanding is most of these sell options and then give that premium back to share holders (in terms of special non qualified dividends)

online though, they have very polarized reactions. Either they are a "great and legitimate option income strategy" or "big ponzi scheme scam"

Anyone have a non-biased take on them that objectively goes over pros/cons and risks/rewards? Every article I've read has had a very clear and strong bias one way or the other on them.