Because many irresponsible people want to take benefits from crypto growth and they dont have real project. Some ICOs very slow when want to land on exchanger and it make investor waiting too long.
Regulation of course would really be of help with things like this. For instance, when the Centra token team was arrested based on the fact that they deceived their investors somehow when they do not have a specific product and then claimed they had it, and that really made things go awry for them at the end and then we saw the project dead.
Investors need to know how to always dig deep on the market they want to invest in first which is highly important at this stage. At least until when we start seeing some laws in place.