Of course new projects are still very promising but it's getting too hard to find the rare gems among the bad projects, it's like looking for a needle in the ocean, sometimes even promising projects failed, the best advice is always use diversification on so called promising projects and invest only what you can afford to lose, thanks for the nice post OP
That happens not only on crypto or blockchain market. try to take a look at other market although its true that new projects that are good are quite few these days maybe because almost all of the problems relating to crypto that could be solved by using blockchain almost nonexistent.
Everyone trying to solve a problem and coming up with new project and now we're at the point where there's no problem left to solve thus many bad projects.
There is a catch here, if a new project brings something new and fresh to the table it will surely catch attention and if it's use case is very useful the project will surely become successful, one thing about this days new projects is repetitive use cases, that's why many projects aren't successful today