All ICO's are not profitable because many ICO failed to develop the products and this lead to lose their money invested in the ICO. Even though we research very good about the product and team but many projects are not giving updates after they raise enough money.
I guess vaporwares are another thing to look out for on top of scams. What we really need is a community or platform that can help detect bad ICOs from the good ones. Existing platforms do provide recommendations and stuff, but I think that for the right price, editors or journalists can be bribed; don't you think?
Throughout my search, I've finally found an ICO platform/marketplace that I can safely call a game changer. It will launch its token sale this mid-July and I'm very excited to see it roll-out what it stated in its white paper which is generally to provide a safe and easy ICO experience. I'm still re-reading their white paper which can be found here
https://www.menlo.one