Today, the working product is a key factor in conducting a successful campaign to attract investment for further development and further distribution of the product to the end user.
At the IPO, the company offers to buy shares for an existing business in order to expand its business.
In this sense, you are right, an ICO project with a finished product is similar to an IPO company with a working business.
I agree that for the last time more and more ICO has a ready products and they become more and more simular to IPO. It is good for the industry.