maybe in 2017 the ico have been really overestimated and their real value is current value, perhaps the future of ico is fundraising based only on private investors who have great availability of funds and do not watch the prices of dex...
Yes , most of the prices before were only speculative and hype prices, even until now.
There were so many newcomers in cryptomarket before and one thing they should know/understand is ICO is a fundraising method for building a project where usually fundraising such as IPOs is for scaling up a project (a project that is already established/sustainable).
We have to admit 2017 was a bubble and like in all bubbles, prices was overblown and ICOs were overrated. I would just hope the market would correct itself even earlier so we can go to a normal track as soon as possible.