If you start a business and ask the bank for $10m they will throw you out on the street. ICOs should set a much lower and realistic softcap, even $1m or $2m is enough for most of these projects in the ANN thread.
Do you think they really need millions of dollars for a team to develop a program and then market it afterwards?
Of course they need, because capturing the market may take a lot of time and money, so the more money team have, the more chances it have.