Yes ICO time already dead because at this time I can't see any ico project and investor now following a project which already have been added IEO. In fact lot of biggest investor want choice IEO like exchange binance, kucoin and at list popular.
Your idea is a little bit contradicting. You tend to accept the title-are IEO's bad? And then you'll create a contradiction on your next statements.
IEO is not that bad although there are some numerous exchange that will scam even the project.