Waves has had quite a lot of token-spam: people create a token, send it to all addresses with a balance, create a hype, and profit on the decentralized exchange. I think that got less as the Waves-price went up, making it more expensive to spam the network.
In Byteball, trading them will be a bit more difficult, but sending them is much cheaper: less than a dollar is enough to send 2000 transactions. The Transition site has a convenient list of addresses.
Yes exactly, I saw a few wave-based tokens, some are for ICO but apparently nothing really new there. Byteball has many good features, just need more apps built on top of it.