Where is the REAL risk in this short premium setup?

Came across this in a CFOA (Certified Futures and Options Analyst) prep question and it got me thinking: You sell a put spread on an index in a high IV environment, expecting volatility to mean revert. Market drops, IV expands further, and you roll the spread down and out for a credit. On paper you’re still collecting premium and staying “defined risk”, but what’s actually the main risk you’re building over time if you keep doing this? \* getting run over directionally \* vega exposure from IV staying elevated \* margin / capital compression as the position grows \* something else entirely Feels like one of those setups where it looks controlled but might not be in practice. Curious how people here would think about it.