Ironically the only ethereum dApp which people actually use - EtherDelta decentralized exchange - was never ICO'd and makes piles of money. The incentives for

Ironically the only ethereum dApp which people actually use - EtherDelta decentralized exchange - was never ICO'd and makes piles of money. The incentives for token sales are to raise as much Eth as you can, spend as little of it as possible on the actual project while watching its value appreciate, then either have a product launch that semi-fails or have some good excuse why the project just couldn't work for some reason while minimizing the chance that people bring legal action against the project.