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.
The game has a beginning and end, the Binance exchange started this race but the development is not going as planned. Small exchanges compete with the big exchanges and they try to show their strong sides in order to gain more liquidity by the IEO investors. The success rate depends on the raised funds on each token sale, the exchanges which have not been recognized by IEO whales are not going to replace the Binance Launchpad.
In my opinion, the liquidity issues are common for all exchanges, even Binance applied the BNB holders case in order to prevent the FUD. The ordinarily known case is not interesting for the big exchanges, only other exchanges look for the all possible selections for pulling more investors to their next IEO launch. Same impression is also substantive in the projects.