An uncle (crazy bright guy) graduated from MIT and wore a gold MIT ring. And friends wore military academy rings. For my uncle and my academy friends it seemed like the rings were rapid ways to identify (and maybe authenticate) guys who had a common experience and connection. I never got the sense that they were using the rings as a way to boast about themselves or flaunt their alma mater. Kind of like the rep ties that the British wear so they know who went to which public school without having to say "I went to Oxford." I'd guess that the same is true for the ERAU guys who wear school rings.