Investments were not always taken seriously. In 2017, investors invested money without even realizing what kind of project it was.
Yes, in 2017 many ICOs were successful and raised a hard cap. It was enough to use the word blockchain, cryptocurrency, bitcoin in the name and description of the project. Now we see a decline in the market as a result of our negligence.
This happened because the ICO market is no matter how regulated. Ie no one is responsible. And since money appeared in this area, scammers also appeared automatically.