I think your statement is too extreme. There are still plenty of kickstarter/Indigogo successes, but they to offer compelling value and/or novelty.
It feels to me like most people really into emulation & retro gaming probably already have a decent setup that works for them. This thing costs a nontrivial amount of money for something people already have or could build themselves. That's the crux of the issue.
Sure, every platform has cherry-picked success stories that are being constantly pushed as social proof to sell the platform itself. The top 0.01% in the world can use their connections to get a really sweet deal. It's the other 99.99 % they're cynically tricking into thinking we have a fair chance who are the problem. Platforms will only ever show the success, into a very tiny the failures were always buried.
We used to call this a pyramid scheme.
But I'm being very generous to say 0.01% which would be 10,000 hits per every million attempts. YouTube needs 300 Million losers to make a single Mr.Beast. That's probably closer to 30 Million actual real people subscribing, but still... it's an impossible ratio for anybody who thinks social media is a good way to make money. When Youtube announced their Hype system, we saw them define a small" creator in need of special help as anybody with under 500K subs. IndiGoGo is no YouTube/Google in scale since the barrier of entry is much higher, but it's the same business model created implemented by the same guild of execs who have been trying to do this since they invented Web 2.0.
There's algorithmic incentive to put funnel as many of a platform's users into growing the smallest number of people/stories/projects/channels possible - in order to deliberately make them as big as possible. Huge success goes viral, which is the most powerful promotion tool that companies have right now. It's like when Powerball dramatically lowered the odds of winning the lottery in order to make the prize pool larger. They're making way more money now from the news frenzy when the jackpot grows past $1 Billion 4 times a year then they ever did when 10x as many people were winning.
The implication is that a enough people saw this, had a chance to buy it, and then decided they didn't want it. I don't believe a significant number of potential customers ever saw this before it was cancelled. And now that it's growing into a public embarrassment for Indiegogo, I'm sure EmuDeck is being pressured into re-launching where it will suddenly become a heavily-promoted front-page success story about how IndiGoGo (or whichever one of their competitors offers more) is such a philanthropic benefactor whom is so kind to the underdog. They did it, and so will YOU! Come on over here kids, and give us all your time and money. Get rich quick, its easy!
Aww, what's that you failed? That must have been your own fault for not trying hard enough. Guess you'd better work even harder next time.
This junk isn't subtle, or new. It's just classic freshmen-level manipulation applied at a large scale. Every platform does it. I'm getting really tired of it.
I hope you're never feel the pain of being one of the millions of people who are spending years permanently ruining their lives on Hail-Mary projects that take 1,000+ hours of work just to be seen by, like, 40 people.