The developers are certainly holding more than just a few genesis addresses

Nothing wrong with that. You get your money from ICO, dev gets it from his genesis accounts.
Though, over an ICO you are not bound to the success of your own project, since you own the money in a different cryptocoin. But since the dev is bound by the success of MNE, I dont get it why he doesn't do everything possible to get it known better...
I see your point, but I think it depends on exactly how much coins the dev holds. If the dev holds more than 50%, it may not be good for the future of the coin.