When Larry Page goes to the Bahamas, they don't take the company's treasury with them.
Who exactly are the developers going to do with the ICO money? From the looks of it, the answer is 'pay themselves'.
Which is 'fine', if the value they created is the crypto-currency itself - wham, bam, they are done - at the time of the sale. This is not the case for the vast majority of ICOs - there are just a bunch of promises about how eventually the coin will be super-useful, with no oversight for how to get from now to then.