Yes, in 2019 many ICO projects failed because the ICO did not bring benefits to investors. But the IEO is a new innovation where we buy directly through exchange and I think this will be new for investors, I'm sure investors can benefit from it.
EO is just another type of fraud. They bring instant profit to investors. But if you invest in such projects after the end of the IEO, then this will not end well. Alas, in the crypto world, everything is the only way.