Even if it's just a nice way to clear one's conscience from paying out some percentage as a generous bogus salary for a few years (no idea if that is happening or not), certainly an improvement over just not doing anything strictly illegal, which is often the best that could be said about a given ICO.
Holy jumping jesus, this is the best scam I have ever SEEN! They've scammed a bunch of VCs into investing in their ICO, and they're now going to give the money to FOSS projects with no obligation! This project of course is doomed, but this is a great way to infuse cash into FOSS without having to actually ask for donations.