a) Certainly, if you understand cryptocurrency, and have been in this space for sometime, then you might decide you can do a better job yourself. I will use it as a diversification tool. 3% Management fee is for me, a small cost for the level of diversification you gain..
b) Certainly there are consideration here. I assume here that, if you put your money into ICNX, as long as they have outflow measures, your money should be as safe as it would be at Coinbase (but granted, that is not ideal).

Performance fee for ICNP will be charged on EXIT
Management Fee will be charged annually against your holding

My investment case is more base around assets the company currently own, with the additional revenue to come in the future.. Your points are certainly justified though...