Let me just give you a basic example you probably don't know about Shamans.
The spell
https://wiki.project1999.com/Inner_Fire stacks with Focus of Spirit. This means if you have Living Thunder Earring equipped (saving a buff slot on see invis), you could cast Inner Fire on yourself (which would take up the see invis buff slot), and you would get +20 HP and +3 AC. This means my Living Thunder Earring is actually a 13 AC, 20HP, 10MR, 9 STR, See Invis (Worn) item. That is clearly the superior item in every way to Earring of Essence. If you stop and actually think, you may learn something new
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This is precisely why saving buff slots is important. If you TRULY believe Max HP is the ultimate stat, wouldn't you want to cast all of the HP buffs you can on yourself, including Inner Fire? And if you say "Earring of Essence is better because 10 HP is better than 13 AC!", I can't help you.