ICO was a way to get nearly free money but the times have changed, yes, for me it is obvious that they doesn't work well now, their era is coming to an end probably.
Many investor are now quitting in ICO's because even the ico became successful now it will not really worth it when it get listed on the some exchanges because the market is very unstable and i remember the pumapay ico it raised $117m but after ut get listed on the market the price us below the ico price.