The lack of both on the new version makes the letters look like they've been crammed into a tiny space at the top of a big empty ring.

This might have worked with new lettering with different proportions. But it's literally just a flat copy of the original letter shapes, without any of the original context.

The 3D effect on the original print/blueprint/engineering marker/quadrant feels dynamic. The impression changes as you move your eye over it. It conveys movement and substance. It works with the black to suggest a car tire, but also a sophisticated (black...) crafted object.

The new version looks like a printer reference mark. It's just... there. It doesn't do anything.

The grey is meaningless and neutral. Again, it's just there. It fills a space, and that's all. The transparent version doesn't even do that. There's literally nothing there.

Removing the 3D creates a uniform space inside the ring, which is why the letters now look as if they're squashed up at the top for no reason. There's poor alignment, and no metaphorical or literal highlight.

Overall it suggests that management don't care about engineering or about appearances.