You don't right. There are projects that have developed (already) products but they need funds to speed up marketing.
So they should just get funded by VCs, Why do they need tokens & billions of USD? Even 1 million $ is enough for every single project!
How much was the Whole ethereum project hardcap ?
ICOs cannot keep robbing people with white papers. 99% of icos scamming people! For example Recently GoNetwork basically did that. Raise 50 million and now have market cap of 3 million. And they have absolutely nothing to show for it.
I know what you feel man and that's the sad truth on whats currently happening on ICO investments as of now. People are blinded with their greed and still hoping and believing on easy rich scheme where
they are targeting out 10-100x Ico investments returns and that's the main reason why but if we do compare on the investment activity it becomes more lesser due to current market condition and sooner or later even legit projects will really be affected.
Finding ICO by targeting profits of 10X - 100X have become the myth now but still ICOs are profitable if you exit at right time one can easily take 2x to 5x profit, We all are experiencing bear market since 10 months. In this bear market even established projects are not performing well than how can we expect good performance on exchange by ICOs when they list their tokens. The ICOs are the only ways to bring more new money into cryptocurrency markets & its upon investors to choose project wisely by doing research on the project. It is also advisable to invest only that much amount if loss incurred one can digest without affecting their objectives.