I dont trust ICO that much nowadays, I do go with IEOs, most of the ICOs nowadays are scam or pump and dump schemes....
The industry is fast evolving, especially with the DeFi wave. I agree IEOs provide a sure way to crowdfund for a project because of involving exchanges that run due diligence on behalf of prospective investors. At the same time, there projects drawn into the ICO model of fundraising even to date, I have worked with a couple in 2021 and reputable ones. So it depends on projects and country regulations at the same time.