Actually ICO is a good thing, it's just that now switching functions are used by certain groups to take unilateral benefits which ultimately makes everyone think that ICO is bad.
In my opinion the ICO rules must be changed or if it still remains like this does not rule out the possibility of many more fraudulent ICO SCAM projects.
The beautiful thing about literally ANYONE can raise money through an ICO is that it truly is a free market. However, in a free market many people suck at making financial decisions. Some don't do enough research, some fall for wild claims of guaranteed profit, and some just get greedy and put too much in. Doesn't mean the rules need to change, because technically there are no rules. People just need to be more cautious.