The Financial Times calls ICOs “unregulated issuances of cryptocoins where investors can raise money in bitcoin or other [cryptocurrencies],” which is accurate, especially if you focus on the word “unregulated.”
This time we live in is being called the modern "Wild Wild West".
I think this is very healthy, as once again you and I are the investors.
Millions of $1's is better than $millions from 1 entity.