With huge capital, ICOs have existed for a long time and done many things. But in 2019 with the strong drop in cryptocurrencies, the ICO was greatly affected and it is dying.
I have not seen ICOs doing anything in this market in the past. They get huge amounts of money from investors but they don't develop the project the right way, and until the end the projects become scam and die. That's why so far no investors are interested in ICOs because they already know what the end of those projects will look like.