They would also need to ship a separate charger device to go with it, which approaches the complexity of the simple ring product.
These are solvable problems, but it would increase the cost, decrease their margins, or both.
For a niche, low volume product with an unknown market demand I think making the simplest possible version of the product is a good idea to start, but at $99 it’s getting into the range where buyers don’t want to think of it as a disposable item.
The bigger problem is that the 2 year battery life depends on the device being used for only short notes like “Add milk to the grocery list”. The people who expect to use this for taking notes or thinking out loud could exhaust the battery in a couple months.