This is misunderstanding of the situation derived I think from a believe that the technology somehow changes the use case.

ICO's are a scam because they are essentially unregulated securities.

If all securities were unregulated, then they would all be scams.

The moment you strongly regulate ICO's, then they don't get their pop, they lose their allure, and they make no sense.

There's no material or commercial advantage to Crypto or NFT's, or rather, any advantages they might offer are outweighed by the drawbacks.

And so the big remaining advantage is for scammers, which is why they take advantage of it.