"you don't wan't the value of Steem to go to a bunch of probably soon wothless ICOs"
I'm not sure what you are saying. The steem & sbd that are generated are going to go to the author of the post that the user upvotes, not matter what. It's just that in this case the author is essentially giving back half of the reward to the user on the condition that it is used for the ICOs he is promoting. Those SBD are presumably paid to the ICO founders who then have it and will later put it back into the system, either by selling it on an exchange or using it in their steem wallet in some other way. If people want to spend their upvote (and yes, an upvote has value) on an ICO that might be a bust, so what?