I agree with you. When a product or working prototype, it gives more confidence in the successful completion of the project. After all, before the ICO to create a prototype, the company worked and found investments, it means that it really works, has experience, knows the weak points of the project and will overcome them.
ICO without product are like a scam
I agree with you too. When the ICO project has a product surely it has a big future. In my personal experience the project with product becomes successful. Tha value of their tokens are bigger.