The issues with failure of ICO projects, to me I feel is all about the team. The truth is once the team behind a project is not competent and possess the require expertise, there is no way a project would be successful. It is of great importance to do an in-depth research on the team before investing in any project.
there are many reasons why ICO fails, and what you say is true, that's one of them.
especially now there are many scams that make it easy to fail, or the product is not good and there are many other things.
so we must be very vigilant and must be careful when choosing a project, because not all projects are good and not all are bad.