ICO terminations in 2019 were unimaginably inadequate contrasted with 2018 August and October both had none, while January 2018 had 160 projects. All things considered, 2019 projects raised additionally funding on average $6.8 million contrasted with 2018 $132,000, still ICOs are losing popularity because of
1. Concerns with funded projects
2. Regulatory hurdles with selling the tokens
3. Crypto bear market
The big factor that leads to it's demise is the non regulation, ICO has become an HYIP that promises huge potential in the market, yes they do have a platform but they did not do a study if the platform or product will have a support from the community, and so one thing leads to another until few and fewer investors are investing because they are losing a lot.
And just to add up, the reason we see ICOs as 'dying' is because of the hype subsiding as of now, it's primarily caused by both scammers pulling out and people too wary to invest anymore in these, which is really sad if you'll come to think of it. A lot of their projects are promisig but not well thought-out, which leads to the downfall of the project and eventually the ICO itself.