In my opinion:
- easy to make eth token, so to many people with less experience in crypto try to create ICO
- if i make calculation about marketcap ico. That so high marketcap, if the ico not usefull that will falling down
- to many copy project, shit project or just honey in their mouth to make you invest
- easy for use fake identity

I think ico is the same of project with 100% premine, after they sold in ico. They take holiday with a cute girls in a beach.
But it not all ico are scam. When ico had a real project, clearly whitepaper, strong community, dev cares about his project. You just need to assist with community make their project better. It will make their project more valueble