Its the same reason, scam. This is one of the main reasons why its hard to attract investors because it isn't a current thing. This has been there from time immemorial. Probably, these investors have been cheated in one or two.projects they participated and are now cautious of the upcoming projects.
There is no doubt that the market is now full of scams. Due to the fame and hype digital currencies have gained with time, scammers got a new way to fool innocent investors. This is the whole reason why I always suggest to stick with the old projects and coins. Moreover, what's the use of wasting time on new tokens and stuff when they do not have same potential as bitcoin and good altcoins.