I don't know. If the bowl game is worth playing in, and the bowl gives a trophy to the winner, if you win the bowl, you're going to take the trophy, right? Nobody's going to say they'll play in the bowl, but refuse the trophy if they win because it's a 3rd tier bowl. That hasn't really changed. There are certainly more bowls now, but I remember 6-5 teams sometimes going to bowls in the 1980s, so it's not as if bowl winners were always top tier teams.
As for the rings, they commemorate the event for the participants. Nobody is going to confuse them with a Super Bowl ring. If I had my granddad's or father's ring from a Liberty Bowl win 50 years ago, I'm sure it would mean a lot to me. Heck, I wish I still had something to commemorate my high school's Region 1 AAAA track title from 30+ years ago. All we got was a T-shirt and it's long-gone by now. Heck, even my letter jacket gave up the ghost some years back when moths got to it.