ICO never came back, IEO is not trending anymore do you think that metaverse won't vanish in near future? It's like every trending crypto hype will fade away sooner or later and new thing will come around again, are we just going around in circles?.
Nope, we're not going in circles, we are actually going straight forward. There will always be an innovative steps in crypto space that would gain much attention and eventually died down and another one will come up.
We still have ICO's exist today, you might wanna check the ongoing projects on CMC. Though it doesn't have enough hype as of today because of the rampant scam in 2017-2018 during the peak of the ICO's.
So, then again we're not going in circles.