I think after the advent of IEO, investors are no longer interested in ICO. And this is understandable, because there are many scams in the ICO, and to protect their investments, investors choose IEO.
You are right, but I don't think ICO is dead. there are still a number of projects that use ICO and there are still those who are interested in investing, there are certainly but not many.
IEO is just a hype.