Agreed on the final part. I think it's to avoid maximum liability, but it would also work if you were trying to scam. I think this is reflected in the price, but maybe the market cap is too high. Nobody can say for sure.
One thing we can say for sure was, if launched on Bitshares, it would be making probably 10% less in raised funds.
It would be making a lot less. There is also conflict of interests, some would say that this is only to gain exposure for bitshares.
One also has to remember that Dan is not the sole decision maker for EOS
Fair points all around. EOS, like any ICO, is risky. Ultimately this is still just a bet on whether the team will deliver. It's total vaporware, at least until test-net launch in September.