I believe the risk reward ratio is just not favouring investing in ICOs anymore because of the umpteen number of useless ICOs hitting the market every other week.. And why wouldn't they, it's one of the easiest way to raise funds... Build awebsite, pull a team together, show a whitepaper, spend a a few thousand dollars to promote it among youtubers, facebook ads, announce a few bonuses, referral rewards and you'll end up with a few millions worth of legitimate Ethereum or Bitcoin in funds .... No wonder they are springing up like mushrooms these days..
It's very hard to spot a good ICO.. which is why I stopped looking for them now.