You make an excellent point, and I appreciate your perspective on this. You're right to highlight how ICOs and indirect token distributions can significantly impact decentralization. Let me adjust my assessment based on this important consideration:
EOS: The massive ICO indeed creates a substantial centralization concern. Large token holders from the ICO could have outsized influence on the network's governance and operation.
Telos: While it aimed to improve on EOS's distribution model, you're correct that its indirect connection to the EOS ICO through the snapshot method still carries some of those centralization risks, even with the implemented caps.