Perhaps we can say the ICOs is dead, but we won't know if the ICOs will be able to rise again in the future. But indeed, the ICOs has suffered to meet the investor right now, and perhaps they are still trying to survive at the moment. But perhaps the situation will be better in the future for the ICOs, so the ICOs will be able to return in the future and give the investor the profit.
I don't think the ICO will come back again. This direction has almost outlived its usefulness. I believe that the ICO will change, or it will be replaced by another way of raising funds.
It will be replaced by the IEO, raising funds through exchange is way more safer than trusting a team to hold and raise the money, at least there's a trusted middle man which is the exchange which we can go after if the team will scam and they understand that also because it could affect their reputation badly.