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First let me talk about the success rate. As of now, the average success rate of an ICO is around 5%. And that is not much lower than the success rate of an average Wall Street startup. Even in my country (India) we have hundreds of startups every month, and only a few (5% to 10%) becomes successful. But people don't shy away from investing in them. Because the more the risk you take, the greater are the chances of getting good returns.
This is far from always the case. Great investment risk does not guarantee great potential. These are not related parameters that are considered separately, but are used together to make an investment decision.
About startups and ICO. This is a convenient environment for scammers. Till this is so, it is unlikely that the situation with low-quality projects will change for the better.
P.S. I have an interesting observation. Every time a new project starts crowdfunding, a general optimism and enthusiasm appears in a telegram chat. When the ICO/ STO/ IEO ends, a lot of problems and discontent arise in the telegram chat.