Yes, I think the fact that a project reaches the hard cap does not necessarily mean that project will be successful. I think the important thing is how the team members of that project used the money which they collected at ICO. If the team members use that money to develop the project, then the project is successful.
Of course, its important how the team members spend money. It is even better when investors would have the opportunity to track the spending that the project carries out. But usually projects do not provide any reporting, and this is not correct.