My five cents worth:
Bear in mind that the front band on the No4 was originally designed, in its No1 Mk6 guise, with a HINGE at the top, and looking somewhat like a "radically stretched" SMLE outer band, complete with a suitable "gap" in which could be hung a piling swivel.
Thus, the hinge element would have neatly sat in the "groove" in the top hand-guard cap and, in conjunction with the aforementioned pins, kept it all together.
See pix here.
The MUCH more commonly seen "stretchy" band was HUGELY cheaper to make and the rest is history. Ditto the "one-piece" outer bands seen on most No4 specimens.