Except that companies have real (and for bigcorp, relatively stable) value, and that you are entitled to a fraction of it's dividend payouts (if it pays out dividends)
I fail to see the value of "legit ico" vs. stocks..
The only real difference is the lack of oversight and "common rules" - both of which I value when I invest my own money...
Stock (or bonds for that matter) have a long and stable legal history and are mostly standardized and well understood. (Not that investing in them is easy, I primarily buy ETFs).
ICOs are more wild-west anything goes, which just opens up so many cans of worms IMHO.. And if/when it gets too big or to wild-west all financial bodies declares the securities and they are then under the exact same rules...
but not "company" like Apple or Google, more like "company" like an anonymous entity that have 0 revenue and can run away at any time with no recourse for you.