You can say so about the majority of coins on tokens that are already live on the market and you will be right. People have blindly invested in poor projects back in 2017, now you must have a working product to collect a soft cap and in my opinion it is a good progress.
People invested that time because of HYIP. Also few people made huge money. But that time who entired in crypto they lost huge money. That's why people lost Their faith and many investors left the crypto area.Because of huge loss people saying that crypto is scam.now days if investors invest money in crypto they should choose right coin/token. investment without research is risky and investors can lost his money.
It is not because people lost huge money (due to low price), but because many projects exitscammed, exchanges robbed themselves
(yesterday Upbit "was robbed" $48 000 000 worth of ETH) and you could see the true human nature - take and kill instead of build and thrive.