I see that the market for tokens that are not listed on the coinmarketcap is there but the market is not too crowded, it could be the lack of confidence of investors because they are not listed on the coinmarketcap.
Yes, this year a lot of projects that were nearly 70% failed and scams, I think that there are hands of fraudsters who just want to make a profit, obviously many ICO fail because they are also affected by falling token prices and make investors prefer tokens or Existing coins instead of taking risks by buying tokens or coins that have just arrived.