Yes, Investing in ICOs still profitable if you choose the right ICO to invest. To choose the right ICO, In this forum have several topics about that, you can refer the search funtion to find topics.
Even you invested on some legit and right ICO's there are no assurance of getting a profit at all. As i've experienced investing on hardcapped ICO, i still did not get any instead i loss my money for about 20% and it got me frustrated jumping on a conclusion that bounty hunter and investor has the same privelege on them and that should be change. Most of cases, the early dump of a coin is because of bounty hunters.