I don't think there is any punishment for ICO failure. That's why ICO projects are risky to invest and need thorough research before investing a single penny in it. Unless ICO project guys doing something illegal or fraudulent, they can't be held guilty for failure of a project. In fact this is the first rule of starting investment in the crypto space, you need to do your own research and even then you should be ready to accept the fact that you can lose all your invested amount.