IPFS is cool tech but "popular" might be overselling it a bit. Furthermore it's still unclear why they would ever need more than a quarter billion dollar to build their products when they managed to build IPFS with a tiny fraction of that.

I'm not saying they're necessarily dishonest but it shows that the current ICO system is rather broken. Instead of slowly building up investments in rounds as your technology proves itself ICOs incentivize you to raise ridiculous amounts of money right at the start.