Welcome to the wonderful world of English pronunciation. Not everything makes sense.
However, "put" is the only word pronounced differently in there letter combinations with "-ut".
But, cut, gut, hut, jut, mutt, nut, PUTT, rut, tut are all pronounced the same. Only put is different.
Also, putter and putted (golf terms) are pronounced the same as butter, cutter, etc.
So just remember that "put" is the only exception.