This! I would also add that there are simply too many ICO's going on at the same time and it is really hard for people to find the right one for them which they trust their money with.
it's because:
a) founders of ICOs are scammers
b) founders of ICOs don't know anything about what they are doing
c) there are some extra costs and project can't work for long time
d) projcets product is useless and nobody needs it
e) some other random reason