Totally agree. The liquidity that ICO's bring to founding teams is a huge plus. It's going to better incentivize smart people to work on big, interesting projects. And get paid well to do so.
Given the huge problems with current ICOs (Outright scams, or simply terrible investments), it seems that being smart or talented are not the qualities ICO 'investors' are looking for. I think the zeitgeist is that they just want quick pump & dumps.
Even the current public market interest in the blockchain space, regulated as is is, is mostly driven by a good story and a hope for the future.
This is how things work, and given a longer time horizon, the market will sort it out.