I agree that ICO projects collect millions of dollars to develop decentralized applications, but I doubt that most of these projects can somehow develop something. Most projects do not develop anything after ICO. Therefore, I doubt that any of these projects will be able to displace such companies as Google, Facebook
Its a well established fact in the high tech startup sector that only a small percentage of funded startups succeed. In the VC world they hope for 10% of the very carefully vetted projects they fund to succeed.
ICOs will be no different, but the ones that do succeed will change the world - and that's what the incumbent monopolists are scared of.