> "Is this token being marketed as an investment opportunity?"

Wrong. What matters is whether the person buying the token is doing so because they think it's going to go up in price. The person selling it could explicitly say that it will never be listed on an exchange or go up in value, but if the person buying it thinks it will go up in value, then the person selling it has committed securities fraud. (That's slightly simplified, but that's the general idea.)

More or less, everyone participating in an ICO expects gains. It's not for philanthropic reasons.

Sure, which is why basically all of the people running ICOs are now risking prison time.

Anyone who's ever touched bitcoin or run a node is risking prison time. It's luck that running a node didn't get your door kicked in by the feds for being an unlicensed money transmitter. At a certain point you just stop caring and hope they can't lock up everyone. Seems to be working so far.