If token issuance looks like a claim on the future value of an enterprise, that is true. The problem is, among the scams that have emerged from what can be called the token-layer of the crypto hierarchy, investing in unproven applications (ideas) is the most prevalent.
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https://cryptodaily.co.uk/2017/11/icos-not-bitcoin-bubble/I think there is a big probability this is correct, but what is this going to mean for the ico market and those that invest in it, icos already are having problems raising money since no one wants to give their bitcoin away, this added with new regulations and the number of scams is going to kill the ico market.