Steem doesnt use the token as a currency, and its not very volatile, the sbd is indexed on the dollar for that purpose, and if it could go x10 and /10 from a day to the next, that someone could make a transfer of 50 and then 1h after it worth 500 or 5,that would not be a specially good feature.
And the upvote are more allocation of reward pool rather than transfer of unit of value, so steem is not used mainly as a currency, and there is the sbd for that purpose to have a potentially stable value in $ to make prizes or transfer that has to be aligned on a static value.
Even bitshare has some kind of index on the dollar.
They are not really injecting capital, there is no company behind, the coin are locked in their possessiob, and the dollars dont go to developpers. Its has only very loose relation with shares inna company, beyond the abtraction that people see it as.
Even with ICO the comparison is very loose, but buying btc on an exchange is not injecting capital in bitcoin company.
The price of the token in ico or coins for bitcoin is not indexed in any manner whatsoever to any company's capital value.
With ICO there is definitely an injection of capital that in most (not all) cases is used to fund development of the product. It is different from an IPO or a capital raising on the stock exchange, but not by a lot. ICOs are where a lot of the speculative excesses are for crypto, but it's far better to have too much capital being invested into innovation here than too little.
For coins that have already launched, the benefit of a rising coin price is less direct. Let me try an example, a guy like Dan Larimer invests time, money and energy into building a new crypto technology. If the crypto price rises he is able to cash some of his asset out that he can then use to invest in a new venture - this is progress. If the crypto tanks or is stagnant then his capital is tied up and he is not rewarded for his effort, thus less likey to invest in a new venture.
Or you could look at the witnesses here on steem. Someone is considering investing in some new hardware and expertise to set up a witness. This improves the value of the network and is an indirect injection of capital into the crypto ecosystem. If the coin price goes up then more people will invest in setting up witnesses and the network gets stronger.