Maybe they have some bad experiences on new projects they invested, so they don't want to invest on new project anymore.
New project is more risky than old project because you don't know the outcome yet. Researching and studying about the new project before investing is mandatory.
What you say is very true, some investors certainly have very bad experiences to investing in new projects right now and of course they are still traumatized by project scam, just as the have experienced the same thing, in fact I am losing quite a lot of money when investing in a number of projects ico last year and of course that was the risk that I had to take at that time, from that moment until now, I no longer wanted to try investing in ico, no matter how good the ico project.
It's better now to invest in large altcoins and bitcoins which are more likely to be able to provide profits in the future.