Interesting point of view.
I'm on exactly opposite end - I'm going deeper with ICO's this year.
Your points are pretty valid, but this mean you just need to be more peaky where you are investing. And I'm always and only buying during the pre-ico phase, avoiding those ICO's with massive pre-sale.
So far i really like participating in ICO's yes there are failed ICO's that can be a disappointment to us but there are still legit one's that can give us better profits. Let us not get discourage so that we still have the opportunity to succeed. The more careful we are in our investments the more chances we can obtain.