Actually Husky's newish LD128 weedie uses a single ring as did Echo's old 14 cc weedieaters as well as a lot of model airplane engines that are ringed.
It's generally used for lower friction on tiny engines that turn very fast. Single rings are also used on some old 1970's MX 2 strokes, again to reduce friction on a small bore engine. It's not optimum, but in the case of the Echo 14 cc they ran for years on that little ring, as long as you keep a 40:1 fuel-oil ratio and the forced air cooling system is working well.