That is true, I don't think I will ever be able to say for sure. However, it matches the material and diameter. If it also matches the gauge, thats 3 points of relation. If it matches all the physical properties of a suspected purpose, thats a decent match (but not conclusive). If the exact same ring was produced for other purposes, some of those purposes should be able to be identified as employing the same 3 properties.
Could it have had a completely obscure function? Absolutely. More obscure than a carousel ring? Yes, I suppose thats a very real possibility.