The half ring is how I arrived at the S-bar idea; I was thinking if you had half a ring it could work but could also slip out of place when not loaded. A ring is probably also stronger than an S or a half ring at resisting being twisted out of shape because its ends meet across from where the cord wraps, reinforcing it, so you could probably get away with a ring made of thinner stock than you could with another shape.
And yes, at a certain point, it becomes design for design's sake
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