So would people having webpages instead of social media accounts

And there's your problem... (in the voice of Jamie Hyneman, Mythbusters). To see a real return of webrings, people would need to have (make) their own pages and curate some links.

Thinking about it, with the rise of selfhosted, it's actually really viable, cobble together a docker stack with a WYSIWYG HTML editor somewhat oriented to the task (pretty sure something out there can be repurposed), a web server, proxy, and that's about it (probably missing a fair bit, not my bailiwick, still, once the stack is made and solid, I'm guessing many would host, I would). Set a threshold of how many people you're willing to host, say 50 or whatever so you're able to check for CSAM or other legal minefields, and Bob's your uncle, stir in some solid security to keep it isolated if you're using it at home (or VPS) and it's golden.

OK, more complicated than I initially thought, and it's way less friction to use something like faceplant, which is entirely their point. Still, I think, if given the opportunity, and functional tools, and low enough friction, many would prefer to have a hand curated presence on the web above a facebook page.

I'll stop, but thanks for the interesting thought seed.