Yes they are and actually they should have never got any value at the first place.
Because, you are buying from exchange, using for services, reciever is selling on exchange and in this, why should it get any value?
Yes I agree with this in many ways. An ICO is a crowdfunding method. Imagine going to a shark investor with a whitepaper and an informational web page, and no previous execution or tangible results. They won't invest. The main issue was the over rated hype that bitcoin created for the rest of the projects. It was a double edge sword. There were winners and losers.
Anyway, I think that the coincidence between the current rise of the price (which hopefully will continue to be steady) and STOs could bring a new hype. And hopefully the new projects are capable of making the best out of a new possible hype.