Outwardly, of course, it looks like IEO can replace ICO projects with it. However, IEO projects have just begun to be implemented in practice, much is unresolved, unstable and controversial. Therefore, do not rush. IEO may still not catch on. Soon we can see several scandals on the stock exchange and everything can return to the projects of ICO or even in some other form.
It takes some time to wait and see what happens.