In a sense, it is. But you can not call it absolutely free. If you act as an investor, you are taking a risk, and it can not always be justified. If you are a member of the bounty, you are wasting your time and resources. This is in a sense similar to work for hire
That is totally true.
There is no guarantee that you will get profit from your investing in ICOs.
Especially when the hard cap is growing higher and higher, it is easy to lose money.