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.
In any case, that does not mean I never took an interest in ICO as an Investor, this thing I did in most ICO yet the benefit isn't substantially, greater benefit I get from bounty and other things.
Many investors now afraid to invest in ICO because of many emerging ICO's that probably scam or too low of development that causes a project to become shit. We must peaky to invest project because some of them are not worth it to invest.
I personally noticed that this year ICO's are not worth it to invest I don't think so probably due to market was also down.