maybe hardcap doesn't guarantee the success of a project, because what can make the success of a project run is the team or developer. we know that out there are so many projects that have reached their hardcap, but when they enter the market, the price is really unexpected. sometimes it is due to products that are not very good at competition. some projects also fake their hardcaps. well, because of that we must be careful.
You are right, even though the Ico project is successful in the sales they do, but it does not guarantee that the project can survive on the market. because many Ico projects were successfully sold but they failed to maintain their value in the market. wouldn't it be very difficult to build their market again.