Originally Posted by maotd

Actually, this Bracelet is the reward for completing an ultimate map according to the wiki. It's more a trophy for completing one of the hardest maps (if I'm not wrong, it's a 640k TP map) than a super awesome equipment. I don't know why they sells that thing.

That would hint at the possibility that there are no plans for us to get that map, or that we get different rewards?
Overal, I'd suggest changing the bracelet, so it could
-be upgraded to get some defensive stats (would improve the bracelet as well as make people suffering OCD happy, since those will go nuts from seeing lvl 1/50 without being able to ever make that 50/50!)

and/or
-stack with character passives

and/or
-be worn in the personal equipment slot

Ideally, all three, in which case the bonus stats from leveling the item wouldn't even need to be high. Just about 2 points of DEF per level would be more than enough.