I am not sure about your statement, I am personally more sure that ico is diminishing, many ico users have switched to IEO. Well, maybe not everything will be but ico's reputation is really very bad. projects produced by ICO do not have good functions.
Enthusiasts from ico are currently experiencing a decline due to the presence of Iso which attracts more investors because ico has been considered too much fraud and there is also no transparency in their financial mechanisms because it is managed by the dev