Webrings are alive and well; they don’t need to be “brought back” because they’re already here.
I’m in 14 webrings. If you think that’s a lot, foreverkeith.is has a growing list of 100 or so.
Some have gotten quite large. The Hotline Webring is close to 700 members. The Yesterweb Webring recently shut down because it got too large, past 800 members! Some of the people behind the larger Yesterweb community felt that the webring had gone too mainstream and become a venue for SEO and traffic-boosting rather than a chill network of friendly like-minded people.
At this point, webrings aren’t some dated concept that’s become tiny and niche. They’re quite mainstream outside of the commercial web.