Well, I think the days of no product companies are disappearing.
After last years crash, I would say that basically all of those no product companies have disappeared or become irrelevant.

Take a look at the top 100, it's very different then before.
Yes, some of the same coins are there, but just a year ago, 80% of the top 100 coins were all speculative and didn't have a working product.
Now, almost all of them have a product now.

This is a huge sign that the market has matured and investors are more demanding.
This is a good thing.

Wild speculation is what drove the crypto market to crazy heights.
But it was also what made it crash so bad.