a good question, it's because a lot of ico's appearing and some of them are difficult to get investors so many don't reach hardcap. besides that at this time i also saw ico which was finished difficult to reach at ico price when it was registered on the exchange.
That's normal for brand new ICO that has been finished where the price is lower than actual price when listed on exchanges. But, most of them are failed on exchanges and the price is falling down continuously without any preventive action from developer which is most ICO does on 2018.