There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? 
Those people have their own perspective about their own token. And every token has a target or mission thats why investirs are choosing which ICO has the great mission and that has a big possibility to succeed. Creating a tokens is not a waste of time unless you create a really coin that has no target at all or any mission at all. My opinion same with you. Some token maybe have similiar project but maybe the developers creating a new feature and thats the reason the creating a new token. Developers must be have a target to reach before creating a token and i think its good because creating competition in market