There are legit and there are scam also but most of the ICO's are scam. You need to be careful in choosing ICO's to invest in.Be sure to do some research and read their white paper and know the people behind the project if trustworthy or not.
A lot of bad ICO is a fact. But do not forget that there are a lot of good projects. You just have to choose well and not to chase the incomprehensible benefits.