That is a gross understatement. Vast majority of ICOs are deliberate scams, not just they aren't building a business, they have no idea how to do it, have no relevant skills, and whole 'idea' is lunatic and would be laughed off by even a beginner angel investor if pitched to him. In many cases, an idea is also technically unworkable due to scaling limits of blockchains used. It is just that: a scam. Not a bubble as in: 1990s tech bubble, or subprime mortgage bubble. There, you got something which didn't follow the profit curve you predicted. Here, you get nothing for your money.
A lot of the ICOs have similar looking web pages: modern bootstrap style, touting benefits which are generic benefits of any cryptocurrency, and a list of team members with PhDs and suchlike. You could write a playbook for this crap.
A share of coins in exchange for be posing as a cofounder of their world-changing cryptocurrency, including my photos and a couple articles here and there. Told them to GTFO.
