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.
The IEO does have a bit of an advantage compared to the ICO in terms of investor confidence, but there is no guarantee the IEO will always be profitable and ICO will die. I am sure there are still many investors who believe in the ICO and not a few investors who are disappointed with the IEO.