Air Compressor Quick Connect Coupler Won't Latch
Some female quick disconnects latch the ring back as you describe. I don't expect you have an issue with the female quick disconnect on the compressor.

I suspect that while your male fitting appears to be the right "size", it is of an incompatible type. There are many different types that appear the same when held at arms length.  See this answer for a primer on the various types of quick-connects.