Yes, there are many new projects doing ICO or IEO to develop their own projects, it is done to get initial Funds to develop the project, if we look at Bitcoin, Satoshi nakamoto doesn't need initial funding like ICO or IEO, from there I conclude that , a good project cannot be seen from how much they can raise initial funds, but the #DevelopmentTeam needs to prove that the project is real and can be used by everyone