I think ICO started to increase day after day and people started to trust it,The future will goes to ICO, maybe because the low price or the new features which it provides.
IEO already stole the show from ICO, but I think the major reason for your statement is because recently some DEFI projects, including scams, started doing token sale from their own website. Some people just FOMO when they hear a new DEFI project is launching without even analyzing properly. Some of these said projects are successful, however many scams sprouted already via this means.
I agree with you. Defi projects are now very risky because they are starting to use ICOs to attract investors. I am sure there will be many stupid investors who will invest in projects like this without ever researching. This is an opportunity for scammers in this market and there will undoubtedly be hundreds of Defi projects and 90% of which are scam projects that you should stay away from.