Bug,
Sure, that makes sense. But the ring is stressed in tension, same as any normal blade, so I am not sure that a ring is any better than direct tension to the hub.
I do think the ring has merit for lead lag as you suggest, and preventing flutter with multiple light blades.
I have a small RC model with a tip ring and very light duty blades, it can hit things without harm.
The ring could be a wire if the load is pure tension.