I am pretty sure it was something way back in older times that we just kind of stuck with in modern days now. however now a days i've been seeing women gift men with something else like an engagement watch or i've seen some women here opt not to have a separate wedding ring.
I think it's more of a modern thing, actually, to sell more jewelry. Engagement rings also used to be used as the wedding ring for many women.
Also, you do you. Tradition is just a guideline, IMO.
A couple weeks after we got engaged, my FH jokingly complained about not getting an engagement ring too. So I went out and got him a really nice tungsten carbide ring with a little diamond, as an "engagement ring" of his own. It will also be his wedding band.
He got me a pretty little engagement ring, and I decided I wanted a particular type of band with it, so I went out and found/bought it. Already wearing it because I adore the set together and we consider ourselves married in all but name anyway.
I got my fiance an engagement ring but it was really something he can wear to work since he does hvac. We got a fancier ring for the wedding and when he wants to get dressed up Regular rose gold band for everyday His wedding band for wedding and dressing up.
The only "tradition" is for both of you to wear no rings or just a band. As time has gone by, people have chosen to wear rings differently. It is all personal preference. You don't have to wear anything more than 1 ring and your FH can wear more than one or you can both wear none. It is completely up to you.
Tradition I guess. Men want to get their special girl that special ring that the lady wants to go show off. I technically will have three. My FH when we first started dating on our 1 year anniversary he got me a promise ring. Everyone is different. Even women propose to their bfs. Times change. Do whatever makes both of you happy. That’s what’s important 😊