ICOs are still legal in some countries that do not require registration information. ICOs still work well, and it's held on decentralized exchanges or exchanges managed by institutions, and they have to comply with KYC requirements. Currently, many projects are being held back by ICOs.
ICO are now almost entirely scam projects but there will be plenty of good ICO projects for investors to join. Currently, the Defi projects are coming back and it is very similar to ICOs so you should consider carefully before deciding to invest. I am not sure what will happen when you join, but analyze it carefully before making a decision.