ICOs are a great thing...a wonderful way to make big money....and to lose all you put in. It is a shooting gallery in my opinion...a lot of crap out there. It is akin to the penny stock world...lots of good stories but nothing.
I dont play the ICO game too much....it is more risk than I prefer. I will give up some at the beginning to see an entity to start to produce. Prices often will drift back anyway due to overhype and excitement.
Good point, however some people make a lot of money through joining early and doing a good due dilligence on the company. However I agree wth you-some are scams isnit it?