It also reflects what was happening in 2014 or whenever the last bubble was. People pile in trying to replicate whatever seems to be hot and making money - so last time lots of Bitcoin blockchain clones, mostly only with a new name, occasionally with a new mining hash function or block time. 99% were pointless (I guess Litecoin proved its staying power!). This time just lots of cloned and useless ICOs although this time quite a few more that are actually quality work. We are even getting some new blockchains that will really last.