Without ICOs, there would be no Ethereum. Without Ethereum, the crypto market wouldn't have grown so fast. It's attracting a lot of capital right now.
That would be a really good thing for the crypto world right now. ETH is being used almost solely for the purpose of scamming people. The ICOs being run on it are almost all scams, all it's going to take is for a few of them to come crashing down and then the SEC is going to step in and regulate, and they're going to come down hard.
There are a lot of other things out there that are not scams, the crypto world isn't defined by ETH. There are also innovations that are coming that probably won't fall afoul of the SEC.