The problem ( IMHO ) is that most of companies, started and starting ICO - for service. It's not real economy. Check the list - payments, transferring, converting, ico starting, new mining methods.... new banking methods etc... etc...
At the beginning it was new... and interesting. But the idea should be to change traditional crowdfunding. But if you developing new type of spaceship - where is blockchain ? Financial services very limited. And in fact not so many people need it.
That's why currently ICO market ( real market ) also became very limited. In profit and in good projects.
But should be second wave i think... =)))