An employee where I work recommended we do our own ICO, but for the life of me, I couldn't figure out what it was that the coins would eventually be exchanged for. Maybe I'm just too dumb - he's objectively smarter than me, I'll freely admit - but it seemed not too different from shaking a cup to passersby.
However, when the tokens are used as an incentive mechanism for a fledgling decentralized network, I think it makes a bit more sense. Things like Sia or Storj or Ether or Ark where the token is there to function as a cost/reward for using/providing the service that the network provides (filestorage, smart contracts, decentralized cryptocurrency exchange) I believe that it actually does have some intrinsic value.
I'd like to see a set of standardized smart contracts, where if you adhere to the protocols of the contract, investors can enjoy the benefit of certain expectations. Such as, the cap table being accurate. The distribution of shares will be known, along with the voting power of all members. The flow of income and payout of dividends will also be transparent.
If complying with regulation is cheap and accessible more people will do it. I'd like the SEC to open a github account and create regulatory compliant smart contracts. Let's welcome everyone into the business class and encourage local investments in our communities. That's my vision for ICOs at least.