I get what you are saying, but the problem isn't really the sketchy ICO and scam coins, it's the people that buy them. If people did their research and invested only in the trustworthy projects and well established coins, then this would go away.
This is the crux of the matter. Too many people have done zero research, don't understand the first thing about markets, don't even understand the coins they are investing in, and just throw money at a shit project because someone they've never met on some forum/reddit/twitter said "to the moon!".
Bitconnect, the most obvious Ponzi scheme since Charles Ponzi himself, was a top 20 coin at one point. Even now it has collapsed, it STILL has a daily volume of $100,000.
Verge, a so called "privacy coin", that openly displays its users' identities and IP addresses, and whose entire dev team quit, is number 30 at the moment. It is a complete scam, yet you still see newbies on here every day talking about how it is "a solid coin" with "a great team". It's a joke.
A lot of ICOs are scams. As OP has said, the majority of ICOs are business ideas with zero requirement for blockchain technology, but there is no shortage of idiots willing to throw their money away, and so the scam ICOs will continue.
I completely agree with you. Basically, scammers are riddled with just beginners or those who are not bothered to learn more the information about the ICO in which they want to invest their money. Hence their disappointment and hatred of the cryptocurrency and the participants of the crypto market
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