ICO are now particularly replaced by IEOs, but the essence remains the same: sell as much as would allow to develop the project and pay the bills. Most projects fail because the market simply doesn't need them; people are not interested in their offerings, that all. There are plenty of projects with open developers, team, etc., but they also suffering hard, because there's no demand for their services. Crypto is still complicated for the most users, and that's a big issue to work on until everyone realizes dealing with crypto is safer, faster and cheaper than using old, slow, vulnerable products and technologies.