I can't speak on behalf of other people but I still see a lot of potential in many of the projects. Not like a year ago where everyone was making a killing off bitcoin and crypto in general where they also made money off ICO's. There is still money to be made from them but we are in a bear market so it will be harder to expect anything short term and incredible.
You just have to make sure which ICO you invest and which ones are looking like scam. If you believe you found the right one that you feel is great than you can invest. Never ever! Buy something when its high or when you are feeling hyped up. Do your research well and you can still get out with a profit.