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Wouldn't it also incentivize talent-less frauds to work on big-sounding projects?

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.

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For now, you might be right. But parallels could be drawn to the first dot com boom, junior mining markets etc. So much of new innovation is funded by speculation and stories.

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.

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