I totally agree, however at the same time I love that so much money is put into projects. Why ? Because that way they can hire more developers to do research an programming. The CEOs of the ICOs probably don´t run away with all their money and do nothing because they will lose their reputation and others will try to do the exact same thing.
It´s just like .com-time, their will be some big winners and a lot of losers. I´m happy that those blockchain companies get all the funding they need and people that invest in ICOs just need to know that it is an risky investment. Cryptocurrencies are risky, ICOs are VERY risky.
There will be a time when all those bubbles burst and many people will lose their money, but their money will have contributed to developing the technology to decentralize and democratized our world !