Each ICO being released in the public have different purposes and that could one of the reason why there are so many cryptocurrencies out in the public right now. Another possible reason could be the influence of bitcoin, as many people ended up seeing bitcoin's potential, many tried to copy what bitcoin did but most of it probably failed. It is not actually a bad thing that we have so many cryptocurrencies right now, actually it helps the market in some ways too wherein it appears to be a support at some point that helps lift up the cryptos that are currently at the top.