ETH does have a certain bubble, but for now, the value of ETH is underestimated.
Because a large number of ICO teams sell ETH, ETH has reached a very low price, so I think it is at the bottom of ETH.
I agree with you, the biggest problem of ETH is the ICO mechanism, many dev team can do nothing just selling the raised ETH and enjoying the life. So I hope new ICO mechanism can be developed to solve that problem.