Part of it is because most ICOs are crap. But also I think it was the market plummeting this year, which I think affected ICOs that raised tens of millions. It wasn't a good time for an ICO.
The market is responsible for the fact that some really good coins are not growing and are losing value immediately after being listed on the exchange, but for the rest of the coins that are scams or have no future nothing is going to change, those coins will eventually go down in value anyway so nothing is really changing at all, the only ones that lose money are speculators and people naive enough to invest in bad coins.