After 2017 max ICO profits, ICO has since then been a high target for scammers but alas ICO will still survive on the long run ,bitorrent and fetch.ai has proven that, many investors are now getting smart and extremely more careful ,its really a good thing ,before we know it the scam rate will get lower and scammers won't make a dime from ICO anymore. I think action speaks more than words,no one wants to lose money to scam projects anymore so they are forced to learn how to spot good projects to invest in. Warning doesn't work but investors losing money does makes them learn.
They are not ICOs anymore, they are called IEOs. IEOs are much more expensive honestly but in return, the trust of investors can be easily achieve by that project. I think ICO and STO are dead and there are maybe of few them that still launch but as I expected, they never achiever their softcap.