In most cases there's no difference and the same arguments would apply also for (against) other ICOs. An ICO can be substantially different in these key aspects and in that case it could be legal, but in most cases they really are intended to be de facto investments in uncertain future profit and risk, i.e. securities.

Here's a random example from two years ago https://www.sec.gov/news/press-release/2018-152 of an ICO being shut down and penalties paid. There are more, SEC has been quite active in regulating ICOs.