I will not blame the platform because the platform has been built in such a way, but I will blame the developer, Why? because most developers have misused this for crypto schemes to get rich and most project failures are based on the background of developers who do not have extensive knowledge and deliberately tarnish the ICO project's bad image.
The idea about making a token for a project was a novelty but people took the idea as a cash cow to make a ton of money in a short period of time and that is what happened in the market, all the projects that started died off and they collected billions of dollars and the many scams that looted the money after the initial period and running away with the money was a common scene in the market and now there is no one trust that trust the ICO market.