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?
I think that they do not just install soft-cap, I think the developers really know better how much they need investment in order for the project to start a full-fledged work. For some projects, $ 1 million is enough,for others$10 million.