So....no attunement, so what the blazes is the point of making the spell only yourself, when you can just cast it and pass the ring to the next person? Did the writers even read what they wrote, or were the editors just on vacation?

Way too powerful compared to 2014 version as you can simply give the ring to another after casting the spell. Boom, now entire party has Water Walk now for 1 hour.

It should at least say "if this ring is removed the spell instantly ends" or something like that...

That being said, Water Walk can be cast as a Ritual and you can target up to ten creatures, so passing the ring back and forth kinda seems more annoying.

This is why you make the island 1 hour and 10 minutes of walking away, over shark infested waters. 

Yeah the main intention seems to be you cast it for yourself to get across a body of liquid. In combat its not very practical so theres that. 

It has unlimited use, so you can recast each hour.

ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh