At the moment it is very dangerous to invest in ICOs. Some projects only seem reliable, but in reality they turn out to be scammers. We must be very careful.
You're right. Now it is difficult to distinguish a good company from a bad one. And now there are really a lot of scammers.
That is why people are always evaluating ICO investments as one of the most risky investments.
Not every ICO project has a product. They came up with ideas for the product and launched the ICO. And they need capital from investors to reach that product.
If you look for ICO with products, I think there are only 1-2 ICO in 1000 ICO