Is there really such a thing as a "shitcoin"?
If you are asking about if there is a thing that can be called a shitcoin, there are tons of them out there. One good example of a shitcoin is thebillioncoin or TBC for short. Shitcoins are typically coins that have shit ideas or coins that have been abandoned by it's developer for a long time and can't be tradeable for even a satoshi.
Do you think the SEC will start regulating these coins?
At some point like you think, SEC will start regulating cryptoworld, and the ICO's. Even if it will not happen soon, it will happen in the future but I think it is impossible for them to fully regulate cryptoworld.