Kickstarter croudsources the risk, and the upside is 'you get this thing we want to make', where you could instead just wait for that thing to be made and buy it.
I would rather have given Pebble $200 or $2000 for a (admittedly tiny) piece of the company. That's compelling.
The risk is way, way too high for the reward. But the price points are generally so low that it isn't a big deal. It's like playing the Super Lotto, but instead of an infinitesimal chance of winning $10m on a given date, you have a slightly less infinitesimal chance of getting the product you wanted at some nebulous point in the future.
All the downside of risk with none of the upside, where do I sign up?!