Just two months ago I had the same discussion with a long time friend I haven't seen in ages, and he said the same stuff. He is frustrated with ICOs because every "company" tries to bring out something new and all the end users get hyped, invest, and then either only make a little amount of profit or it is just a scam and get ripped of. - Which eventually also has a negative impact on bigger currencies like bitcoin, which is the well-known Crypto to the general public, and not only puts the name Bitcoin under a bad spotlight but to all other currencies who are giving their best to contribute to a fairer community.
Thank you for the share!