This just came to my mind today as ive never think about it before, since bullrun happened in 2017 and ICO became popular and successful in that year too aren't you guy curious how IEO projects would have performed if bullrun was ongoing? IEO became popular after bull market of 2017 right? The reason why ICO was so profitable in 2017 was because of the altcoin season don't you think? What about IEO in altcoin season? We are yet to see this
In the crypto space, there are trends (I stand to be corrected though) of which during the early stage of the trends, it is always filled with hype and all that, and as time goes on, the hype and attention drops, this happened to ICO, IEO and even Defi; that means that, IEO hype is down already and will likely not change. On the other hand, the forthcoming or anticipated altcoin season will most likely be somewhat different because now everyone is wise and can't just jump into any IEO just because of altcoin season, however people will focus more on those projects, coins or tokens they know will stand a higher chance of giving them gains without the team exiting scam.
What I see therefore is, IEO will be looked at normally, no one will be investing because of altcoin season but because of their believe in the project. Take a look at most top coins and see what's happening.