Personally, I follow the collection of investments of different teams that have finished products and who are only planning to create something. So, the tokens of the first teams, who have at least a test version of the product, are surely bought by some investors. As for the teams that came to the market only with a beautiful site and a long white paper with a confusing description, investors buy their tokens at a very slow pace. Is this not an indicator of the choice of the majority of investors?
Your logic is right however it doesn't work with everyone. It depends from the idea of the ICO and how it could be applicable on the markets, meet your expectations and cover your business needs. People who invest attack more attention to the team first and then to the project. This is based on our own experience, so the conclusion is that reasonable project don't make you to wait for the investments. Again here are we talking about trust and every case is unique. It's hard to make a conclusion based only on your logic. However it's also reasonable.