A product is indeed very important for the project because it's what investors are interested in.

It may be possible that project has the capacity to realize the ideas that the team are presenting through their whitepapers and in whatever meetings, forum, and seminars. It may also mean that the project is really dedicated to pursue them.

On the other hand there are projects that are actually stuck in letters and words, not in action. It may also mean that the project and the team are really working and functioning. These are all vital to potential investors.

After all its the ROI that people look into while they invest in any project. No matter how technologically advance the idea is, if it does not materialize then you tend to loose interest of the investors.