I somehow agree with you ICOs investors has been decreased. Many scam projects is one of the reason and just because of this many good projects did not achieve their targets because of disruption by scam projects and many investors does not want to take risk in bear market. I think investors will be back when market will start rising again. But I am quite positive investors will increase again.
sorry to say but to me i think that the ICO investors are increasing from time to time. In fact the number of new ICOs are increasing from time to time and that is only because of the increasing interest of the people. Although with the increasing number of scam ICOs it has become difficult to find out a good and legit ICO but still people interests in ICOs investment is increasing.