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?
Actually, more that $10 mn might be needed for properly executing a good ICO. But the problem is that no one is thinking of long term and most of the project developers see their own benefits instead of that of investors.
This is also affecting the performance of good coins as it gives bad impression of crypto in general to new investors.