In my opinion, if ICOs are to come back in the game, then there should be regulations and structures set aside in order for it to meet the standards set by IEOs.What other way do you think can lift up ICOs again?
As you stated, government regulated ICO's can make ICO come back to the game. It is more secure than IEO that is done on exchanges. With this, ICO projects needs government permits and documents thus the project and team are validated. If ever the project developer gone crazy and scam investors then there is a way to trace them and hold them responsible for their crimes.