And what happens when the escrow people have different judgement than some or many of the ICO investors?
Discord? "Oh well"? Suckers!
That is why the escrow has to be trusted. You need to have faith that the escrow will take the right decision in case of a dispute.
Obviously, it there is a dispute between the investors and the coin developers, the escrow's judgment will make one of the parties unhappy.
What if the investors disagree with each other and the developers? Who does the escrow agent follow? So the escrow agent becomes entrusted as the "controlling" owner of the project (which may make him culpable to the SEC regarding investment securities law).