Because the first dozen ICOs that turn out to be scams can break consumer confidence across the whole market. When people stop trusting, the system collapses.
This isn't hardship, just put your money somewhere else.
> The reason ICOs were such a boon is that there has been no other path for the middle class to invest in startups.
You know what they say about forgetting history...
The middle classes (or lower class) aren't really allowed to invest in business because it's really risky (see: Great Depression). When 1 rich person loses $1 billion, that's sad. When 100000 grandpas lose $10000, that's a national tragedy.
This isn't hardship, just put your money somewhere else.