Some people have already experience with ICOs wherein they have high hopes for the project but after the ICO, the developers either disappear or didn't follow the roadmap that's why the get discouraged and if the developer aren't active then there is a tendency the investors would pull out their investments. Some ICOs are good but end up the team behind it run away with the investors money that's why some don't trust ICOs anymore. With the ICO boom in 2017, majority of it are below ICO price now so some just choose to wait until it is listed in exchanges so that they can buy it cheaper.