I think ICANN has increasingly become a failure, in several ways.
- Constant questionable TLD approvals (did the world really need more than the basic five? It's a scammer's dream!)
- IANA mismanaging IPv4 assignment, giving 16.7 million addresses to people who didn't need them at the beginning (like, Apple, who is comfortably sitting on every address starting with 17, or Ford, with every address starting with 19). Causing, of course, IPv4 address auctions...
- The whole .org domain sale fiasco to a private equity firm
- The contracts with VeriSign for .com management and price increases there for no particular reason
- Approving the .sucks domain, in what was widely criticized for having no public value other than to humiliate and extort corporations and individuals
- Giving the .amazon TLD to the company, instead of the Amazon Cooperation Treaty Organization (ACTO) which is comprised of countries involved in the actual Amazon rainforest after a years-long battle
And so forth...