Once people came up a crowdfunding. For example, in this way people collected funds for the Statue of Liberty or for some release of music albums. This is something like the predecessor of ICO in the world of crypto currency. Of course, now no one wants to give money just for the sake of an idea.
We ourselves are to blame for this, which undermined investor confidence. More precisely, it's the fault of those users who created deceptive projects, they sold their tokens, but their ideas were left on paper.