I agree, that makes a lot of sense. But it still doesn't tell us (me) what the bolt is all about. Since the bolt appears to have no function on the upper side of the hitch, and isn't attached to anything under the hitch, could it simply be removed? As it is, it looks like a knuckle-buster when you raise or lower the tab.
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They will mail the ring piece to me and then I'll take it to a local welder to have it welded to the rest of the hitch. All at their expense. As a second owner of this TM, I don't think any warranty covered me but they're covering it anyway.
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In my experience, TM is really good about this kind of thing. They go out of their way to bring more-than-required service and satisfaction to their owners, and always avoid pointing fingers at their suppliers.
Bill