Why would ICOs make startups less reliant on VCs, other than the fact that (for the time being) ICOs let startups skirt investment regulations they'd otherwise

Why would ICOs make startups less reliant on VCs, other than the fact that (for the time being) ICOs let startups skirt investment regulations they'd otherwise have to adhere to? I agree with tptacek's general thesis here: there's not any inherent difference between ICOs and "normal" early-stage investing that justifies an utter lack of regulation of the former but not the latter.