There are many reasons why ICO investment is high risk but the main reason is market is red from last 06 to 08 months and the iCO's(good projects) are also at very low price, so invest in ICO but the loss which you can bear.
Well said crypto market is totally believe in predictions and no one have the exact knowledge about market up or down graph, So always hold when you are in bear market.
I think few ICO do it as you described in your post mostly do well but take some extra time now incoming or recently finished ICO as compared to previous year bounty distributions.
You are right well explained, i want to share this news that as bounty hunter basically you do a job like a business and every business has time time loss and profit too so do your hard work with honesty as honesty is the best policy.
If you don't click on phishing site(looking same like Myethwallet link) then you are safe as Myetherwallet is good most used and trusted wallet. But if you have alot of coins try to use ledger etc.
I believe as crypto currency market is now billion dollar trading platform and hope soon it will be trillions dollar trading Hub so lets wait for good moments.
KYC for bounty hunters is bad practice but for investor is good,But now a days many projects first don't tell about KYC for bounty hunters and at the end of ICO they ask for KYC. This is also very bad practice.