In general, i see ICO's are still there but not as good as the previous year maybe i am seeing it again once we are in a bull market where the fresh money and the investors are starting to pour money again in cryptocurrency. Same as the OP i am joining in ICO but more in IEO that offers more quick money than investing now in other ICO.
Perfect observation, I agree with you! ICO market will boos up if the bear market ends and the most wanted bull run starts! Investors have moved away from ICO market because all the investors lost huge money by investing here. So, If the bull run starts, the investor will get some recovery money and they will start investing in ICO market. Because I think every real crypto supporter believe in anonymity, not in STO projects!