yes indeed most of the ICO is a scam but not all, maybe those who invest in ICO because they have done a lot of research and believe if the project will develop and provide many benefits
People are tired of a lot of ICO scam projects and that is right there are a lot of projects and most of them are scams not legit. However, that doesn't mean every ICO projects are the same and all of them are a fraud. There are still some legit projects and as you above mentioned people who invest in ICO projects maybe he have made good research about this project and rely on this project.