yes i do still believe in ICO. ICO is a digital IPO and sooner or later ICO will be replacing IPO. As soon as blockchain technology is successfully evolving to be mature and stable, companies will begin on changing their way on collecting money, well they will starting to use ICO. It is because the simplicity and the benefits of blockchain technology.
I have still believe in ICOs there are some good and real ICOs but due to large number of fake ICOs , ICOs got a bad reputation and in the field of cryptocurrencies trust is a main factor.They are profitable in short term so if you are going to do invest in them, do a proper check on the coin and only invest if you are sure that coin is 100% real and food ICO otherwise it would just result in loss.