I feel like you are taking the fact that ICO's *can* be used as out and out scams to then mean that there is no legitimate use for an ICO. An ICO is just a way to raise funds that could be required for the project to succeed.
Would you say an IPO is a scam too?
Ctrl+F the word "scam" and see how many times I used it.
I say it is devs short selling their own shit, fair and simple. Would you short sell something you own knowing it will go 10x? Dun think so.
Let me help you.
https://dictionary.cambridge.org/dictionary/english/scam>an illegal plan for making money, especially one that involves tricking people
https://en.wikipedia.org/wiki/Insider_trading>trading based on insider information is illegal
You don't need to use the word "scam". You are implying that someone is intentionally selling down stock because they know (aka insider info) that the price will go down.