Icos look for bounty hunters to promote their project through the power of social media.Sometimes, some of these hunters also double as ico investors. But it looks like bounty hunters understand ICOs project and are able to determine very good projects before they invest because of their experiences in different projects.
Sometimes this happen but now all the time because almost all bitcoin users that i know when they join bounty campaigns they are sometimes able to find good ICO where they sometimes invest but usually not because it's hard to identify if its a scam.