I agree that the owner of scam ICO should be punished but still, there are no regulations to regulate this market there are many ICO which scammed people with there hard earned money and roaming freely regulation is required for punishing the scam ICO.
But we see it is hard to punish the scammers that creating a scam project because of their disguise. Some of the scam ICO the team are having a fake account and their platforms are only copied in other projects.