The reason anyone invests in ICO is in hopes of getting in early on the next big coin. You are right though that there is currently a massive amount of shit projects that get funded way more than they should realistically need or than they could ever be worth in the real world.
This is why when I see a project has raised a lot of money in the ico I prefer to not invest since there is not going be anyone to buy the coin once it hits the exchanges, you need to look at coins that did not raise as much money or that have a cap in the amount they want to raise.