I don't really understand what you are trying to portray through this. I agree that exchanges play a big and important role on the success of an IEO because the reputation of an IEO increases if they are able to associate with a big and reputable exchange. But that's a short term factor really! Probably helps the IEO to sell few more tokens.

But in long run, the reputation of listing exchange doesn't really matter. It all depends on how business savy the IEO developers are and how much useful they can become in a real world test.

I believe, it's always better to look at the long term goal for sustainability and that's what matters the most!