Interesting point of view.
I'm on exactly opposite end - I'm going deeper with ICO's this year.
Your points are pretty valid, but this mean you just need to be more peaky where you are investing. And I'm always and only buying during the pre-ico phase, avoiding those ICO's with massive pre-sale.
I think that those who invested this year in ICO projects or participated in ICO bounty campaigns have earned almost nothing, and maybe they have suffered losses. This year was a very unfortunate year both for ICO and for bounty hunters. Of course, individuals may be more fortunate, but I think that this is rather an exception to the general rule.