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Fitment solution is pretty simple, send a set of plastic sizers that are exact molds of the ring to retailers that will Cary it and size them.

For those ordering online they can go into select partner stores or order (say $3?) said sizing kit.

Is that all a pain? Sure but so is buying a regular ring. If they don't want to loose thousands in returns for wrong sizes that's what they need to do and have a firm no return policy.
 
I love my wrist band which checks steps, miles, Kcal, temp, heart rate, pressure, O2 and monitor sleep. For $50 can't beat it and I'm pretty sure it didn't need FDA...but I'd love a ring instead.
 
If you're interested in this, check out the Oura ring. It's already out and they're up to 3rd generation. No waiting necessary.