This does not makes any sense.
ICOs do had a major implementation and visibility during Q4 2017, which also gave birth to a lot of scammers and which eventually moved a lot of investors away from ICO. They now instead are more interested in investing in project after listing. One more major reason for this is that the ICO project token price are flowing way below the listing price after listing this is due to the bear market.
Taking all in consideration, ICOs do have received a major HIT, however, ICOs are the most effective practice for projects based on blockchain to raise funds. Last year was just the beginning, this year is the correction and refinement and coming years should be fruitful, thats my theory.