If its not for development then why do they need to raise any money at all ? ICOs its the same as IPOs, there is a reason behind an IPO, to raise money to develop the company. The reason is never to dump shares and buy yachts.
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I'm sorry but I don't have the answer to your question and can only speculate but I'd imagine the company is going public to give the average joe a chance to own a piece. yeah, sure they could have been open about the investors from the start but anyone who knows anything about development knows development costs time/money. Plus, people make mistakes and a good person corrects their mistakes once brought to light and all we can do is wait and see what the eos team says about everything before we draw conclusions.