Most ICOs just want money and don't want to implement their projects, which are mostly tokens that you don't really want to invest in. All these tokens correlate with Bitcoin and Ethereum prices, which has pulled them all down. Of course there are still outstanding projects such as ADA, QTum, IOTA, EOS, ... are real projects, and it calls a huge amount of money from investors.
Well, yes, most of them are likely so. However, we cannot ignore the fact that almost ICO just want to get profit instead of developing their project.