Sure, that's true if you are raising from a few, relatively speaking, large investors, and also only if you care about fundraising as a one time event, instead of funds management as an ongoing process. The entire point of ICOs seems to be to raise from many small investors at once, perhaps skirting, among other things, accredited investor laws.
Even for large companies: say we want to do my crazy invest at the team level idea: I don't really agree it would be simple to operationalize all of that money flow, and I do actually think having a blockchain could help if that is your goal, which is a big if.
I'm not here to hard sell anyone on crypto, but I also am not comfortable with the wholesale dismissal of it either, so I'm definitely hoping a lot of people disagree with me and we can tease some of this stuff out.