Ico are not dead yet it's just that the hype for ico had reduced drastically unlike previous years where ico was at the top of its game, there are still some ico that are doing pretty good in the market
The word dying is only a parable when almost all ICO projects experience major irregularities and all have causes as you say for now the ICO sensation has diminished. Sometimes we are not careful enough that there is still a good ICO and I think now developers are starting to build projects more seriously.