Not all of the ICO's is cheating mate,there are still good and legitimate ICO's but I cannot blame you for what you say about ICO's because that is not easy for you,but nexttime be careful research the project properly before you invest so that you can avoid scam and cheating projects.
I agree with your opinion, I also look through many ICOS and realize that a good ICO is a high investment and product launches are also quality.
In very deed, the product quality have a value in this market very seldom. Now everything depends on the team and their work organization.