I participated in the cryptassist ICO a few months ago, and I chose this out of the many projects I could have done the ICO, but still no listing.
This is because of the market, but I strongly believe that if the project is good enough, the team should not be scared of listing
It is because ICOs haven´t raised so much money and listing is still one of the most expensive outcome for these projects.
Exchange listing fees should be reduced if we still want to see new tokens listed on exchanges.