I think there will be more investors like professional managed funds or even retirement funds which will invest into ICOs. The prices for ICOs will then become even more expensive and make it more difficult to make profits for small investors.
Depends since if The ICO's will be regulated well I think the bounties will reduced and that one could even hurt the bounty hunters and I'm very sure that government will get some tax for every successfull ICO here.
But if this matters will give a good image to crypto industry then let the regulation will be implemented and I think it can give a good boost to the price of bitcoins in exchange.