Sensible points but nobody will listen.  The ICOs sell people a dream of lambos, luxury and get rich quick that sensible investing can never give.  It is exactly the same as gambling.  Very low chance of getting rich yet people pay for the dopamine rush that comes with the possibility it holds.

Edit: Forgot to add:

Good sales people don't sell people a product.  They sell people a dream and the best ones don't even create the dream they let the customers create it themselves. 

This applies to all of crypto even BTC - just in bitcoin's case it seems to be the one case that succeeded - in 2010/11 lots of people called it a scam and a Ponzi scheme.