As much as STO's are an improvement on ICO's I think its still going to be abused and could be the reason behind the next major run. We're going to see similiar projects that failed as ICOS try out STO thinking they'll get more investor confidence and reach their soft cap.
Raising funds from crypto isn't a problem but the fiduciary responsiblity towards investors. I've seen concepts ILP as a new fund raising tool too as well as blockchain risk managment protocals to help investors recover their principle should the company not meet its promices
Its going to take a long time to find a balance between decentralisation and regulation but im sure we will find a middle ground eventually