For this case, I agree with you.
I have ever found some ICOs that had the hardcap reached during ICO, moreover, before ICO finished. But, after listing, what happens to them? The development and progress of their coins on the market are very slow with under price, lower than in ICO.
Hardcap is interesting but doesn't guarantee the success of a project. It needs more follow up tot he projects to maintain the success even after on listing, maintain the development of the projects, investors trusts, and also how to manage the community to attract in the coin.