People trying to fund their projects and ideas. Yes, most of them will fail. But in real business is the same. Survives only 3-5%, there is no difference. It is hype around this theme and it creates some scams but technically I don't see it immoral.
I agree with this idea. ICO is just an unusual way of doing business. If you usually do business immoral, then this is a single problem which is not connected with ICO. However, in general, I don't see any immorality in ICO.