It's actually not that risky if you do lots of research. Its risky for the idiots that throw money at anything that is hyped up with lots of advertising.
100% agree. We can say that it is still risky but we can lessen the risk wit proper research. It may not be easy to do an effort in doing it but it will be paid off if the ICO you have joined in is not a scam and can really generate a profit. The risk in ICO are those who do scams.