It is true, many erc20 tokens are utterly useless and will never be used for anything as their ICO claims are never fulfilled. On the other hand it is good for everybody that it is so easy now to create a token. I can easily now launch a token for a personal project without any real cost and this token is secured by the ethereum network. This gives rise to a lot of innovation.

This flood of useless erc20 tokens also has a self healing mechanism as now people start to realise that it is not worth it to throw money at every dumb token ico project.