I think the bigger outfits have the clout and money to do their own token and go through the ICO process. The smaller players, obviously not.

Which makes SMTs interesting because one can create a token yet not ICO it so it is publicly traded. It will be on the STEEM internal exchange meaning that it will be paired with STEEM for liquidity but not openly traded.

By the way, I just posted an article that you might like...a bankster admitting that cryptocurrency is going to cook them.