1) Because they are not securities. You don´t own any shares of the companies. You don`t get any dividends from their gains in the future (if any of them has the capability to earn FIAT money in the future).
not at all. having shares in a company doesn't change the fact that it is failing. imagine a company (a real company not some dude calling his parents' basement, his company) that is on the road to bankruptcy because of bad business logic, if you buy the shares of that company, the company will still go under and the shares will be worth zero.
you see calling it "security" doesn't change the important fact that ICO tokens are useless! and that is why they will drop to zero eventually.
3) Point 1 and 2 are not clear for many users here ... It´s a big pump and dump scheme. Greater fools theory, not more not less.
that is not how pump and dump works. the profit the ICO scammers make is party from pump and dump though. but the main thing about them is that free money they receive in a blinking of an eye without doing any actual work. about 95% of the ICOs are copy of the same code with a different name!