I agree with you, the main problem is giving a very high bonus, which will create a big disposal of the investor. because this is very important and if when token listed in exchange price far from ico price then it is a very bad start.
Tomorrow is going to be an interesting day. I personally do not think SEC will declare ETH is a security; I just do not see it. However, if for some reason they do, (not sure what the reason would be); there will most likely be a huge lawsuit and legal battle against the decision. Imagine every exchange uniting together, the ETH foundation, and all of us. The case would most likely reach the supreme court. What SEC is doing feels like a message to new icos. If SEC will look at the legitimate top projects, then what do you think they'll do to us? This should discourage any scams or fraudulent ICOs.