I think ICO flippering is not unethical, you just ride the wave ;-). And there are some risk to loose all your money.

Whats unethical is to make a ICO whit a shit coin and with a lot of marketing and never deliver any new technology. Look at synereo, its a scam, but I even think to invest into it, because the story they tell is great. My post in german about this:

https://steemit.com/synero/@kingkrung/ist-synero-amp-ein-serioeses-projekt-oder-ein-scam