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.
The reason is that our crypto market has a new trend, it's Defi. Defi system development projects are springing up a lot and that's why there are so many ICO projects calling for capital back. But be careful, although there is a trend, but there are many fraud projects are born, please analyze carefully before investing money. The pandemic is still under control and there are many scammers out there, be alert when analyzing and investing.
Defi projects do not run ICO and if there is any Defi that confirms it is running ICO will not be able to have a successful fund raising round. I could remember seeing some Defi projects where people came to ask if it's ICO. Fundraisng is a very important part of a project it what it is captured with is very important. ICO is obsolete, there are now better ways to public sales.