I agree with you, the time has passed when investors given millions of dollars just for the idea. Now to conduct ICO need much more, and I like it, because there will be more quality projects.
Will it?
It is said that at present there are many scam or homely projects. But when a new hype, it is unlikely that there will be less bad projects. Probably, they will be more.
Hype of ICO finished. Many people lost their money. It is imposible to earn money for a long time do not thinking and invest in all the projects. Now investors strart to carefuly analise the ICO and its ideas.