the problem started the day we started investing in ICOs because we wanted to become rich. they create a small group of people, mainly in their basement and call that a "company" and then ask for money to solve problems that do not actually exist! then after they receive the money they stop doing anything and move on to creating the next token.
I have a difference in opinion here! I agree that majority of the ICOs are scam and don't really solve any real world problem. But a business starts with a powerful idea which can be disruptive to the present way of functioning. That's what makes a real difference. So calling all ICOs scam is over generalizing the entire industry and it is not right!
However, the ICO investors should also have some merit to understand the business feasibility of an ICO. For an example, we already have messaging and calling apps like Whatsapp or telegram in the market. So if a new ICO now announces to bring another messaging app with similar functionality to the market, they may not make sense to many people. However, if an ICO announces to bring an app with integrated communication suite which can control your landlines and enable you to receive your landline calls from your mobile, that's something new and fresh to the market. The common ICO investors should understand these differences to support such disruptive initiatives.
Blockchain is certainly now overrated and we don't yet know the full potential of this technology. We are at a very nascent stage now and the only way to move ahead is research and development activities to unlock the full potential of it. Few ICOs are definitely doing that.