Yes you are right wishing to participate in the ICO has undoubtedly decreased and one of the reasons is the multitude of ICO scams. people don't trust ICO now.
Its sad that the investors of ICO are decreasing, theres so many reason to consider why is that happening. ICO scams maybe the main reason buy I think investors also staying away from the market right now because of a bear market. Hopefully, when we get back to normal ICO will be back on a good position also.