At that point, what value is all of this infrastructure adding? It seems like the real guarantees come from having access to a stable court system, well-defined contracts, trusted third parties, etc.
More interestingly, there seems to be no real answer for the question you have asked. What is the real value, if the courts and legalities are what people need in this situations, and those things are already in place? Sometimes it really seems like the enthusiasm of most honest people coming into ICOs is fueled by the fact that they don't understand this. They don't comprehend what stocks are really about: making sure that the state can aid in contract enforcing.
Think otherwise? Please prove me wrong. There just don't seem to be any real industrial value in ICOs, we already have stock technology.