I don't think they're celebrating that they were able to purchase rings. They're celebrating that they are alomost done with high school.
But the point is that EVERYBODY in the class is almost done with high school. The ceremony is for those who BOUGHT the rings.
Big difference.
Personally, my view isn't that it will hurt anybody's feelings. I just think it's an improper use of school time and $ to "honor" those who made a flat out purchase.
If they passed out school rings and wanted a ceremony, that would be nice (though I should think graduation should be enough!)