For me ICO's is not dead yet and the cryptocurrency investors are still optimistic in cryptocurrency projects, the only hindrance is the scams and fraud that almost erased all the ICO achievement in the fast years and leaving almost the ICO's lifeless if the ICO's was equipped with better security againts fraud i believe it will recover its former status as before.
Yes, ICO projects are now experiencing a very large decline in their activities. This is partly due to the fall in activity in the cryptocurrency market, and partly due to the high level of fraud among such ICO projects.
Now the ICO teams are looking for a way out because of the current bad situation with fundraising, trying to switch to other platforms of other coins, promotions, fundraising models, such as STO and IEO. I do not think that this can drastically improve the situation. Such innovations only confuse and impede the work of bounty hunters. And it is very difficult, because it happens quite often and right in the middle of fundraising.
I think that we need to expect the onset of state regulation of ICO activities, only it can almost completely rid ICO projects of fraudsters. Many states are already preparing regulations on such regulation.