In my opinion for three reasons:
firstly, rings are just mysterious things...whenever you think of tribal dances etc. they're in a ring shape, and its like a hole...something hidden or concealed.
Secondly, The eye of sauron is an eye shape (duh), and the closest object he could have used to an eye is a ring. How very symbolic.
Thirdly, and here Im going to regurgetate what others said: it had to be harmless, had to symbolise comittment, had to be on the hand, etc.
Bombariffic
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The 'hum' generated by an electric car is not in fact the noise of the engine, but that of the driver's self-righteousness oscillating at a high frequency.
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