I really think these IEO thing is only good for the top exchanges and these is because they have the liquidity and the traders to pump a coin after listing, which is why their IEO projects are usually successful.
But the smaller exchange don't have the same and their IEO success rate is no way near the top exchanges. Maybe 2 out of 10 IEOs conducted on the small exchanges would succeed, while top exchanges boast of a success rate of like 9 out of 10.
A basic principle is that investors will choose IEO on top exchanges, because these exchanges are almost certain that participants will be profitable if they can participate, while projects at smaller exchanges are more like gambling.
If smaller exchanges can improve liquidity and price after IEO, new traders will be attracted and The IEO game will welcome these exchanges.