I agree, everything goes back to the concept of the project itself. If the project is good and the developer team uses the money to build and develop the products, I think it will affect investor confidence, but many projects that once the target is achieved, communication is no longer intensive with the community
I've seen great projects and supposedly great developers building great apps, but still the project eventually failed. In fact I was in one such ICO myself, incredible project and escrows, great teams etc. Reputable members. And then we didn't realize 1 of the devs was evil and the escrows refunded us less than half of money, while other stupid ICOs with no product still made a lot of money.