Why are people surprise, it is just like doing the same thing and expecting different results, expect some of the IEO on Binance that did well others are failure. To be sincere there are a number of reasons for this, lack of product, even most can't generate revenue. ICO did well for the space but we need it to be better structured
2019 was indeed a bad year for ICO/IEO, much worse than for altcoins. I don't understand how could the potential investors be so hugely uninformed. 2018 has already shown that ICO/IEO are way too risky and most are pure scam.
I understand that some do have a huge appetite for risk, but I fear that here it was more than that. Some see coins / tokens investments like some sort of lottery - no information check, just put some money in and hope for the best. Too bad.
Still, although knowing all this, I am still surprised on how bad the numbers are!