I agree with your point - I think they still hold to this day, since you see so many ICOs that are ongoing but have some vague message about how their revolutionary technology will forever change X. As soon as I read the whitepaper, I wonder whether their business model will be sustainable, but at the same time, from an "investor's" perspective, most people just look at how much money they can reap.

This is kind of a ridiculous game, to be honest.