I think there is space for both Ethereum and EOS in this market, and competition is always good. Especially that EOS has a lot of innovation to offer.
I share your concerns about huge ICO cap, but it still has where to grow after that. Just look at the interest for NEO, which also is declared as an Ethereum killer.
NEO went up 30 times in 2 months.. I started hearing about it 2 months ago, but since people couldn't tell me anything other then, its Chinese, its smart contracts, I didn't buy it.. I want to know more about the project, do you have any recommendations of where to look?