Oh ok! So I’m not sure if it’s supposed to, but basically when you have Brookes wear the Ring of the Chubby Chaser while inflated or waterlogged, it’ll still ignore the overworld speed debuff as if she was wearing it while fattened.
But when you press Optimize in the Equipment menu while wearing the Ring of the Chubby Chaser as Brookes, the ring stops working while she’s inflated or waterlogged (still works if she’s fattened tho). This happens even when nothing is swapped out after pressing optimize.
The same effect will happen if you manually take the ring off, put some other accessory on, then switch back to the ring.
I can only guess what’s happening behind the scenes, but I think what’s happening is that pressing Optimize will act as if you had taken all of your equipment off and put all of the best stuff on, even if you already have the best stuff on. So if it’s “taking off” the Ring of the Chubby Chaser and putting it back on, it kinda breaks it.
Also, using any of the items that change your state (Thick Meat, Puffy Lifting Ale, etc.) will fix it and will let you ignore the speed debuff again.