Well no one claimed that ICOs were magical endeavors and all of them would succeed. They are pretty much no different than other, standard business: If you don't have a working product or are not addressing a specific need, you are not going to make money selling that product. Even if you succeed initially (off of hype or whatever), eventually you will fall down on your face.

The same applies to ICOs, and I'm surprised the ratio of failed ICOs is not higher, to be honest.