I think that now situation changed. Now investors start to understand that in is impossible to invest money in all ICO, it is necessary to carefully check all the documents of startups. But many people who lost a lot of money was disappointed in the cryptocurrency and stopped invest at all.
I do not quite agree. Now you can participate in ICO, but this is not so popular than in 2017 for example. Now more popular is IEO and STO.
And if you conduct IEO? Today, many exchanges can provide this for little money. However, I do not know if this contradicts the principles of STO.
There was information about exchange for STO. As I know not all exchanges work with secure tokens, but if exchange works with secure tokens the price for listing much higher then for utility tokens.