It can be profitable, and in a few occasions developers deliver the product. But it doesn't mean it is a good way to invest. I would prefer traditional investments, where developers are not paid before the product is delivered, and regulation prevents them from running away with the money.
Yes, 99% of ICOs are cash grabs and scams in the long term but it doesn't mean one should not invest in ICOs because the hype around the ICOs are huge when they hit exchanges it will be more than 2x atleast. This is an easy way to increase your ethereum without much risk.
If most of the ICOs are scam, then why would you invest on ICOs. You would just be encourage those scammers and along with another scammers to start up more shitty ICOs and scam more people. Sometimes it is best to avoid somethings for the betterment of the future.