For me, base on my experience also. Investing in ico's is not advisable this time.
I have seen lots of people claiming and crying in telegram, because of their loss after the project they participated is list on the exchange.
So for me, it's better to wait on exchange rather than to participate in ico's.
Perhaps I completely agree with you, because the ico market of companies is full of not only fraudsters, but also few promising projects. Based on this investment in the company's ICO market carries with it a very high risk.
There is a rational grain in your words, but we still have to take into account the fact that due to the lack of investment funds in new projects at the ico stage of the company, these projects become untenable and They have no opportunity to develop.