What we have right now are a lot of scum like beings utilizing a technology built with the highest of ideals to trick and steal.
In terms of a pure rational analysis there is no theft or fraud. Alice sends money to Bob, because she believes she will get something in return. So these are just risk factors. ICO's are an early, simple form of capital investment structures for blockchains. Instead of paying for all developing costs upfront, a project can raise funds (secured via escrow hopefully) and then recoup these with the float of a currency. Potentially there are other ways to pay for developer costs. Its a much better model than what Bitcoin has at the moment (sponsoring through the backdoor).
Well at best maybe you have stupid scams probably where the devs fooled themselves as well
I mean it is really doubtful whether any startup should do funding this way. it is extremely risky for your continuity even if you have good intentions. if you want something for everyone then make it open, that shouldnt need a corp. and even if you do that you might find funds you need in different ways