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The most likely reasons are if it's sacrificed, if it's legendary and another legendary permanent with the same name is controlled by the same player, if it's a planeswalker and another planeswalker with the same subtype is controlled by the same player, if it's a creature with toughness 0 or less, or if it's an Aura that's either unattached or attached to something illegal

Bilbo, Retired Burglar Bilbo, Retired Burglar is seemingly a good choice for a Ring-bearer because it adds an additional combat ability to the mix, though I do wish there was more guidance of where to take the 99

Sources: Magic: The Gathering (via TheGamer)

1 Dimir Aqueduct