Having it be a ring has the nice side effect that anyone closing a ring on your site (or adding your site to it) gets an idea of how everyone in the ring met.

It's more of a fuzzy social thing than a "let's represent social relationships in the most semantically accurate way possible" thing, and for people, I think that knowing how everyone met eachother is a nice thing. You can plan gettogethers off of that. It also keeps people socially accountable; if someone in the group turns out to be a dick, they can just be skipped in the webring.

I think initially the idea was mainly around the "ring" concept, but relatively quickly lots of different implementations did lots of different things, and we still called those "webrings" even though many weren't conceptually "rings" at all, more like "lists of websites that are kind of somewhat about the same thing, sometimes". There was typically a "Random" button/link too, and index, sometimes categories and more.

It can be a list of websites, with random order, the main point is people's websites linking to other people's websites, in some way, that it could eventually circle back somehow, then you have a webring.

I think there was some sense of creating something to explore, where you didn't get to choose where to go next, there was more serendipity involved due to someone else's curation. No, it doesn't really make sense from a usability or practicality perspective, which is why despite OP, you don't really see them any more.

I feel like this is what keeps ruining things, in almost any hobby/sector/ecosystem I come across. Initially, as the only people interested in the thing is doing the thing because it's fun and interesting, everything works out great, people helping people because helping people is fun and the thing is fun.

After a while, somehow it starts to bring in money for some people, others start to see people earning money and then the money-optimizers eventually arrive, sucking all the fun out of the ecosystem since all they care about is money, money and money, and tons of more money-optimizers arrive after the initial batch made their success, and around we go until it's all commercial slop all over the place that drowns out all the authentic stuff that initially was almost everything in the community.

Seemingly non-profit groups with events held in actual venues where you can face-to-face show your disgust towards these people seem to be the only way of having communities that last for decades around a fun and interesting thing, anything online seems to fall victim to the above way too quickly.

These days you could do this in client side JS, mayhe fetch the static list from a Gitgub blob or one of the sites in the group.