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.
I think this is where regulation should come in. Giving policy that would protect investors and ICO from scammers who deceive people and run away with their money. I think ICO would still continue to exist as there are still legit and really useful projects that need funding.
I really think that if the ICO really want to go through such complicated regulatory and laws they might aswell start a IPO instead.
However that's not a bad thing though to have such regulation if that's not going to disturb the freedom that crypto offer.