Because the market was extremely low in the past years and there were several scam projects in ICO which is why right now investors are becoming hesitant on investing on projects because they try to avoid losses.
They don't want to experienced the same mistakes that they've got from their early investment. Many ICO's turned to scammed and investors now are no longer interested in participating without deep research and study. They easily got disappointed after the results of those many projects that turned to nothing. You can only attract few people who are still looking for luck investing with new projects that being offered.