The new logo looks more top heavy somehow. When there was a dark ring the logo looked balanced, now it looks like the center of gravity is off and the logo wouldn’t stay upright if placed on a table.
My take on this is the airplane propellers in the center--that's what the white and blue signifies, for those who don't know--draw your eye toward the center-point of the logo, but the "BMW" draws your eye back up, causing a sort of "oscillation." If they insist on this design then eliminating the outer ring would likely cause a more balanced reaction.
https://www.bmw.com/en/automotive-life/bmw-logo-meaning-hist...