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?
Most of them do not even need a tenth of the money that they are asking for when they are doing the ico but they ask for it anyway because they know that this is an industry that people are willing to invest in so they want to make money from it. They really are asking for too much and that is why a lot of people are very relunctant to give them their money