wouldn't that apply to every trading card and collectible item then?

Usually the companies that make trading cards can also print more.

Not generally, because there's no promise of any future utility or increase in demand, at least by the manufacturer. People buy them because they hope they'll appreciate in value, but that just makes them the subject of speculation, not a security.

There are, but many of the ICOs are controlled by a company that reserve the right to change the contract at any time.

Can you point to a specific ICO where the token contract allows for additional token issuance? The ERC20 reference code does not include functionality for this, nor for replacing the token code at a later date.