I agree with you. When a product or working prototype, it gives more confidence in the successful completion of the project. After all, before the ICO to create a prototype, the company worked and found investments, it means that it really works, has experience, knows the weak points of the project and will overcome them.
ICO without product are like a scam
Yes, I agree with you. Without the product, ICO is most often a fraud. And before investing your money, you need to make sure that the company is already working and has its own product.