The small exchanges are ready to list the coin of any project and are ready for starting any IEO for any project but that do not work because that do not make any trade volume and on that exchanges the IEOs do not collect the required funds so I think not many people like it.
It is also right that if we all will take interest in an exchange then it will not remain small anymore but they are still smaller because they either do not have a good trust level or they do not advertise their exchange to collect the users.