That's one viewpoint, but token sales have been used as fundraising for several years. One of the earliest descriptions of a token sale on Ethereum is in the tutorials on ethereum.org; one quote: "Do you already have ideas that you want to develop on Ethereum? Maybe you need help and some funds to bring them to life."

And of course Ethereum's own crowdsale in 2014 was a fundraising operation that made the whole project possible, and Augur itself used the money it raised in its token sale to fund development.