I don't think it's a bug. I just don't think that it's that damn important.
Aside from crafting jewelry to enchant, jewelry serves no purpose in the game except as liquid asset gold fodder with the merchants.
I'd personally like to see where you get your numbers for "millions" of bugs in the game. Seems to me, you're just being a whiney [censored] who has nothing better to do than to complain.
It's important because anything that adds to in-game freedoms, options and atmosphere is... important.
Jewelry serves plenty of purpose, with that new invention called "enchanting." If you could craft more of it, like circlets, you'd be improving your smithing skill and adding gems to up the value, to serve that other invention called "making a profit."
And there are damn near millions of bugs, it's called a figure of speech. There are tons of bugs giving tons of people tons of problems. Broken quests and missing NPC's kinda puts a damper on things. Especially if you're not on PC.