This is a topic that has been opposed by countless people, but now ICO has gone down. Perhaps only by getting the proper regulatory ICO can we continue to survive. The death of ICO is detrimental to the cryptocurrency market. But it all happened.
ICO hype has gone down because it's not guaranteed $ for investors anymore, and ICO quality has not gone up.
If a big company creates a high quality ICO (imagine Microsoft holding an ICO for a new project) people will still get hyped and invest.