Its one of the keys to the success of the projects, It would better to say it is the main key. If there is no product its just a new scam project with out any goals
I've given up investing in the ICO, which have no real product. The requirements become more stringent, and today it's one of the obligatory aspects to win the trust of investors! The time of the developmental work of the ICO companies has come replacing the time of empty promises!