If you were around 20 years ago, or more like 25 years ago, you might remember any number of micro-payments platforms that are no nowhere to be seen. Believing that most of these ICO's will lead to failures is more akin to believing that most of those would fail than it is to having believed e-commerce overall was set to fail.

A lot of people will lose a lot of money, and some will come out of it with huge profits. The problem is we don't reliably know which will fail and which will succeed.