The fact is that the WSOP themselves have essentially done the job of making the bracelet the "ultimate" poker jewelry. The WSOP Circuit, where they award the rings, has a motto: "First the ring, then the bracelet". The fact is that the prestige ultimately resides with the bracelet. Many recreational players don't even know that rings get awarded (for the smaller events) - but EVERYONE knows about bracelets. Ask your average poker fan who's got the most bracelets, and they'll probably be able to rattle off the top 5. I happen to know the top 3 WSOP Ring winners off the top of my head but that's just because I'm a poker writer and "hardcore poker fan" - pretty sure most people have never heard of most Circuit grinders.
In any event, the "dream" is to win the bracelet... (but hey, if I ever won a WSOP ring, I'd wear it proudly too, lol)