This is what happens when there is no regulations in the industry. Most of these projects have absolutely nothing to offer and are only out to grab the most amount of money they can get. There are over 500 projects in the industry all repeating the same ideas or concepts without trying to provide solutions to anything. These projects float IEOs and once that is done, they pack up and run away or stop developments all together thus, disappearing with investors funds.
And several of them just repeat the old ones because they plagiarized the entire thing. Look at the scam accusations board, a lot of them have plagiarism issues. They don't bother to rephrase some of the copied paragraphs but entirely copied them. Developers are getting lazy, copying the source codes and just editing some parts of it. This is also the prob of most open-source projects. One can copy without asking any permission. And some of them even forget to change the names within the code. Maybe it is okay to copy the business model as long as they can truly implement their objectives. And not just grab money and go.