I went to their site and looked up their “scientific evidence” section. The ring could be a heart rate detector and maybe a sleep monitor.
It doesn’t do anything particular to women.
Beware of data-collecting wearable health devices.
But at least they say this: “Oura will oppose any request to provide legal authorities with access to user data for surveillance or prosecution purposes; we will notify users if we receive any such request, whenever legally permissible.”