Yes, ICO is legit now, but in the last time, we see many scams which appear in more number than earlier. This fact says to potential investors about risk, But if you decide to invest in a project you must study all info about such ICO.
Although ICO is still legit but we must know that many people get scam from ICO, the most important thing to get big profit from ICO is to know in detail the project and make sure that their team is professional.