Humans are greedy beings. So I guess its marked up and profit from the expected cost for their project. I guess their initial effort cost as well. lol
Nature of the beast and you are right on the money. However, if they are genuine, most start-ups are happy to make a profit in the years to come, not right from day one.
Sometimes, a good question for the founders is "How much of your skin is in the game?"
Do they lose their house if the project fails.
The amount which ICO want to claim is as you mentioned above only the reason nothing else. Time is the only solution for the best results.