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
OP the answer is already in your post, you said ICO was so profitable in 2017 because of altcoin season right? That's because of ICO hype if I get you right, but ask yourself ' is there any hype surrounding IEO presently? ' so if altcoin season do come it won't make a big difference because IEO has no hype today, only big projects with good use case will ride along bitcoin in this bull market