Webrings are alive and well; they don't need to be "brought back" because they're already here.
[I'm in 14 webrings](https://seirdy.one/#webrings). If you think that's a lot, [foreverkeith.is has a growing list of 100 or so](https://foreverliketh.is/).
Some have gotten quite large. The Hotline Webring is close to 700 members. [The Yesterweb Webring recently shut down](https://yesterweb.org/webring/) 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.