Fairly say, there are projects today (talking about the ICO from 2017-2018) that still working on what they delivered promised to their investors.
The number of those projects is relatively small compared to those who run an ICO and fail or run away after that.
ICO is definitely risky, I'd rather buy their tokens on the exchange unless it was an IEO backed by a strong exchange like Binance which would always bring hype.