In general, it is not profitable at all, but it does not mean, we should not do it at all. There are, and will IMO always be ICOs, which themselfes are profitable, it is just hard to find them lately, and takes much more effort, but a good ICO is still better investment, than any Altcoin in my view.
all depends on the ICO followed. if the ICO only deceives then it is certain that we will only suffer losses.
but as you say if there are ICOs that are really serious, but it's very difficult to find because it's almost similar to fake ICO. we must be smart to choose ICO if we want to profit from ICO investment.