IPOs are also Highly Regulated.  To date that amount of regulation has not hit ICOs.  Starting late last year and a lot more this year Whitelisting / KYC have become the norm instead of the exception in ICOs.  As more regulations creep into Crypto, both good and bad, the exponential returns on ICOs will most likely dwindle.  There will need to be proven business plans, roadmaps, with at least a proof of concept etc.  The copying and pasting of Whitepapers, using fake LinkedIn Profiles etc will decrease. 

To your point it is Revolutionary in the fact that projects and funds can be raised globally on macro and micro levels.  Everyday Jo to Wall Street Orca can both participate and become part of a project and community.  There is a lot of opportunity for money to be made outside of traditional stocks, bonds etc.