You can’t trade options on an IPO.
And if the thesis of "it's going to look good for the first 15 days" holds, you can indeed be very profitable by e.g. buying ATM puts. (The problem being that markets don't like sticking to time tables just to accommodate your investment thesis ;)
So yes, you'll be able to take a bearish position fairly shortly after the IPO.
But for the folks who are dead convinced it's all just a scam and it will quickly collapse, that's a way to put their money where their mouth is.