I agree with you, a good analysis because ICO tokens are based on the real value of a project, when a product or work prototype gives more confidence in the successful completion of the project. After all, before the ICO makes a prototype, the company works and finds investment, it means that it really works, has experience, knows the project's weak points and will overcome them.
You're right. If the company does not have a product, then such a company is less trusted. And most likely this company will not reach the soft cap.