A lot depends on the companies themselves and their products, because if the company has a completely original product and big investors see and understand this, they will invest in the company even if this company holds an ICO and not IEO. IEO is currently more profitable for all investors and more reliable.
A working product with high level of demand on the market is very important for the survival and success of a project and its token sales irrespective of being an ICO, STO or IEO. However, for ICOs to come back in the game in general, ICOs must go beyond just a working product but need to be restructured with regulations in other to eliminate the frequent scam projects.