now it's difficult to determine whether investing in IO is still safe or not, but in my opinion, maybe now it's risky because of the many scams IO have lately, and distinguishing between where IOC is good and which ico is bad is also difficult, because of the quality ico, who is a scam and ico, who succeeds is inversely proportional, there are some ico who are scam but have a good rating, and there are also ico who are successful but the ico has a rating that is not too good.
I think ICOs are just getting started.. It's true that the popularity some ICOs are just inflated from hype, but with the launch of Menlo One's ICO marketplace, risks will be lessened significantly through their unique guild and proof of reputation system.. Link to their whitepaper:
https://www.menlo.one/