There is a theory that crowd always right. One person can make mistake, two persons can make mistakes but crowd can not make mistake. But the experience of ICO shows that crowd can make mistake too.
The crowd has no mind. Only instincts. Thus, the crowd can be mistaken and very often. What opinion to impose on the average person, then it will have an opinion. All of human history has many examples of this.
I agree with you. I remebmer the situation that it was in 2017. The crowd invest money in all the project without thinking and now we see the results of such investments.