The question of ICOs creating value out of thin air is complicated.
On the left hand, some ICOs promise new, futuristic, lightning fast algorithms that will compete with the giant bitcoin. These ICOs, which can reach massive heights, are taking value out of thin air. What have the contributed to the world? Is their product really any better than BTC? For the most part, these ICOs are nothing but smoke and mirrors to make its' creators millions.
On the right hand, however, we have companies like Siacoin, MusiCoin, Chartis, and Basic Attention Token which are providing actual products for consumers. These coins have intrinsic value, because people desire to use them. They are a consumer good in the base product.
BTC also has intrinsic value because it provided the block chain technology, and is the current exchange method for entrance into the crypto market.
RE: How should we think about today's cryptocurrency prices?