If it did that then losing your phone, deleting the app's storage or moving to a different phone without transferring the app's storage would brick the smart ring.
Oculus decides are pretty big, I assume they have buttons that allow you to recover from that. This ring doesn't.
I mean, they have at least one button to trigger a factory reset, yeah.
Even most input-less smart devices have a way to do that though - like those ridiculous smartlight bulbs where you have to flick the light switch on and off in morse code to trigger the factory reset
Oculus decides are pretty big, I assume they have buttons that allow you to recover from that. This ring doesn't.