Thanks for your comment. I did put a lot of thought into this angle.
Here's why I am interested in this project:

Launching ICO's via Steemit is innovative. It diversifies and expands the platform.
It gains Steemit visibility.
Some of the whitepapers launching include plans to purchase large quantities of Steem.

Yes, we'll see some Steem leave the platform. We'll also see some come in.
Yes, we'll see some ICO's fail. We'll also may see some succeed.

I feel overall, growth and innovative use cases for Steemit should be fostered.
It's good to grow the entire platform with creative uses. It's not all about the Steem price.
Steem price will follow Smart Media Token adoption. Small creative projects on the Steemit platform aren't the main drivers in price.

My main focus for the Steemit platform is measured in use cases and user adoption.

I really appreciate your concern here. I had some of the same thoughts, but I authentically feel like it has a chance to help the platform. And if it hurts the platform it will be discounted and done away with. That's the beauty of our decentralized community.

I'll be watching closely along with you.