ICO is a way to raise community capital to develop a certain project, if an ICO want to be succeed, that project must prove its usefulness in the community. Nobody spends money to buy useless coins. After the great success of ICOs during the period of 2016-2017, a series of fake projects were created and cheated investors. Moreover, a series of coins were created but had no effect, so the ICO failed gradually and collapsed. I have witnessed many successful ICOs, but also saw a series of fake ICOs, in general, it was a mess  Now, the effect of a token is more important than any ICO surrounding it.