What you are saying about the market not being able to support so many ICOs may be true but this is an open market. At the end, only the strong ones will remain.
I agree with you. Their are so many ICO now that are out in the market. So there should be a competition between other ICO. The best would be the last remain. In order to compete you need to have good and promising ICO. You to have a good project and a nice roadmap. Like me I participating in a Red Pill bounty campaign. Because I like their project, also I read their whitepaper and road map.