Good coins are still there. But scam IPOs started a tremendous positive feedback loop. Scammers make an IPO > Make lots of BTC > Use that BTC to promote/shill the next scam > repeat. Every cycle nets them more resources to use, thus increasing the amount of BTC they can scam. It is...a sad state of affairs. Innocent (well, less-guilty) people trying to make quick profits add their voice to the hype. In fact, right here, in this very thread, you can already see hyping. So you're not going to hear about good coins.
Yep, IPO in itself is no problem, especially when the development team is not anonymous but show their faces, make clear how the collected funds will be administered and used and generally behave in open and responsible manner. And as you say, hype of hypecoins cannot be blamed on developers only, who can be naive and get let the hypers hype and get carried away with the hype (mazacoin hype comes to mind...). The hype of hyping has a name: day trading. And day traders... can't live with them, can't live without them. And that's why you're not going to hear about good coins which do their best to resist hype and getting hyped and serving just day traders etc speculators, but aim to serve actual users of a coin in everyday life. Not going to hear except this time: FIMK is an example of good coin. Probably not the only one, but the one I know best.
