i think that's a bit of an overstatement. there's still some alts with values, those with solid teams/concepts/products and have real use cases. But the days of getting 100x from an ico are certainly behind us, or much much rarer in any case.
I have to admit that most ico projects will die in the next few years just like the new companies all over the world, the most important thing for this project is making useful product or services to earn money, without this, the investment will surely to be failure. But I think there will be some projects can survive.