Keywords that should have MILLIONS of searches only have less than 100k monthly volume when I look them up on keyword research tools - How's that possible?

For example, I searched 'rings' in Moz Keyword Research tool, and it showed '70.8k-118k Monthly Volume' (United States - en-US). Obviously there's no way that merely 120k people search for rings in the US, even if that's a monthly average. When I hover over the numbers it says 'Monthly volume ranges show the minimum and maximum expected volume for a keyword. Volume ranges have less spikiness month to month than showing a single number.'

What am I missing here? I know that keyword tools use an estimate, but there's no way those estimates can be THAT far off