Is there any real distinction between a ring and wondrous item?

In 3.5 edition (and Pathfinder), there was a distinction between rings and wondrous items, including in part that there were distinctions within wondrous items, including what applied to various body parts and slotless items. Though I see rings remain classified as "rings" and not "wondrous items" in 5th edition, I can’t locate any particular rule that identifies why there’s a distinction. (The only rule that guides magic items appears to be attunement and realism regarding body parts.) So, is there a reason that there remains a distinction between these types of magic items, or is this a remnant from older editions of the game?