Tom Bombadil vs. The Ring

[Kuruharan]

I can't find the link to the site where I read that. I believe that the gist of it was that Aule was there "undercover" merely observing everything there. In this role he had shed his form of power and majesty. He did not make anything as Tom because that was not what he was there to do.

Tom also lacks the majesty of the Valar.

The Valar, like the Istari, could probably shed that if they wanted to.

I personally found it a rather implausible theory, but I just threw it out there because the Valar were mentioned.