It depends on your definition of "something bad". In my book creating garbage and selling it to people is a scam and since from day one when they changed the name ICO to other abbreviations (such as DeFi) and continued scamming people a lot of "bad things" were happening.
In fact this is one of the reasons why the projects focusing on "smart contracts" as side-chains build on top of bitcoin blockchain are not popular despite being around a significant amount of time. In other words token creation, no matter what abbreviation is used to describe it, has no real world applications.