It's probably an underutilized tactic, to be honest. 3rd and 12+ are probably picked up at a clip of what, maybe 5-10%? If your offense is below average, that number is probably even lower. A 3rd down punt can probably net 10-15 more yards of field position on average. The math works out pretty well if your defense is stronger than your offense, especially if you're deep in your own territory. It also has some hidden potential since the defensive backs will typically be completely unprepared for it and occasionally try to make a play on the ball, which is prone to negative returns or turnovers.
A similar approach that most teams take is just to run a really safe play that the defense will usually give up (screen, swing pass, draw) to get a fraction of that yardage back.