You answered your own question.
No wallet, no working software, and mostly hype. That's what's wrong.
Why do these ICO's do this? Because there are enough people who fall for the hype - some are even worried, they might miss out on great opportunity.
yes, i think i've answered my question but i though i might missed something. after 4 or 5 years in crypto and i still don't understand it, why these morons keep falling for the scam? i mean some shit don't even have a working wallet or development and worth hundred of millions or even billions. i meant what they're really see in it to invest their hard earn money with it, is it because of hype, fake promises, or fake news? most of these shits offer nothing, just nonsense promises just like paycoin, crave, stealthcoin, deeponion, pinkonion, lisk or other shits. i just never understand.