It was a lot of scams in 2017 and now many investors prefer to invest money that already have a MVP. In such case they can check how the product will work.
During 2018 the cryptocurrency market falled and prices of tokens falled. Investors did not expected such results.
After 2018 investors have a big experience. Now they know how it is important to carefully choice the startups for investing to get more profit.
It is really very good that investors got so big experience. Now they choice all the project very carefully and study all the details.