maybe because there are often ico projects that are scam and porous that don't exist in the real world, making investors think twice about investing in ico and this becomes very bad for ico itself because without a project investor who really has a good project it will be difficult to be realized.
If we are talking about the market and companies, then in order to protect investors' funds, you need to make a protection system, Or maybe even a guarantee system for investors who will not be afraid of losing their money. I understand that new projects without investments will be difficult to develop, but you must understand how much money is being stolen by scammers from investors.