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.
Icos have been replaced already by ieos, and while ieos had a certain period in which they were very popular we are experimenting once again with ieos what happened with icos.
People are losing confidence in ieos because they are not performing as expected, and while this may surprise some investors it doesn't really surprise me because the only thing that has changed is the way the developers received the money from investors but the projects behind that process have not changed at all.