I dont see anything fraudulent if a capable, energetic person moves his current product or service through ICO. This person wants to earn money by this and help humanity grow with it. In my opinion, this process is very useful to everyone on the planet.
If it is something original and innovative, then I agree. But most projects copy other projects. Energetically and capably. But they are copycats and don't add value to what they do.
There are some icos were innovative but it's only a little percentage from the total icos that have entered the market, Even the big platform just like NEO and ADA are copy cats of ethereum.
Most of them are copy cats and there was no a new project that created their own technology to give more usefulness for community.