Indeed, about 90 percent of all projects that enter the market do not have a finished product or are simply technically unprepared. It is a pity that there is no way to control this process. And Timvi, I wish you success in development.
The matter is that conduct IEO and collect some money it is necessary to have the product. The owners of the platform launch the product to show during IEO that they have an MVP. And only after the IEO they start to check their platform and improve it.