It's a very good question. I did experiment with a lot of variations before settling on this configuration. I find it to be the least error prone option. I don't recommend substitution of a loop or eye for the rappel ring in this configuration simply because it introduces other dynamics. For example, if the loop is not sized or set properly, it could expand under load and allow the carabiner to pop through. It also is likely not as strong. Sewn loops are designed to see a tensile force only and not designed to see an expanding force from inside the eye. However, here's a variation you might be interested in. Its almost like a combination of the Saddle Hunter's Hitch and the JRB Cinch. However, it's not remotely retrievable. But offers a solution with minimal rope and no metal on metal. Note that this knot is not my design and so I have not tested it. But the inventor is a member of my group and I have met him and discussed it. I have no objections to using it. Just make sure the carabiner is placed properly.
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