Remember the fund received from the token sale are revenue to block.one. They are apparently using a lot of this to reinvest in the EOS.io ecosystem. This is a great move and will build strength for the platform. Would you rather they just paid it to themselves as earnings/dividends?  I would imagine some will be deployed in the form of grants and loans, but most probably in early stage venture capital funds and other pre-ico investments to new dapps.

I believe the statements made so far indicate that some of the ICO money is being invested in Distributed Applications projects, via VCs, before and after the launch.