I have dealt with "hubcap walk" many times over the years. Steel wheels flex a little bit with every rotation. That creates a vibration on the retainer tabs and makes the hubcap (or in this case, the trim ring) walk around the wheel. Kind of like your old vibrating electric football game. I have seen it get so bad it actually rips the valve stem out, or at least over far enough that it pulls partially loose and starts leaking. Some Studebakers from the 50s are especially prone for two reasons. 1. The wheels are thinner than most, and flex more than most, and 2. The tabs are permanently attached to the wheel on some models instead of the cap.
I have cured many of them by just bending the tab to give it a bit more bite.
Look on your wheels where the tabs contact. I think you will see where the scratches have moved a bit over time as it rotates. YMMV.
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