Most of the projects are unfortunately exploiting the ICO scene right now and take advantage of the system. That's why people are advocating regulation, because it will put some logic in this entire thing. At the moment it's a fest of just splurging money right and left until you hit something, but that's not sustainable. It's a great way to gather funds but if everyone does it for products or services that offer to real value, then the investment itself becomes valueless, and you end up losing your invested capital.