Binance only allows those projects that fulfills the minimum requirements among the applied projects. After Covid 19 attact, this process basically stopped now. I don't think it is ended but probably applied projects are limited now or the applied projects don't fulfill the minimum requirements. Binance IEO has an impact of that projects hardcap and participants received 2x-5x profits in the past projects. Every member of Binance is expecting to new IEO launchpad soon.
I think covid does have an effect on IEOs but it's not a big factor. What makes IEO's performance "decline" is that due to the enormous DeFi trend, investors and traders want faster profits, that's why IEO may be less than optimal. But still, if you ask about IEO on binance, it's still the best IEO platform to date