I wonder if we the audience are somehow supposed to infer that a hobbit was the best race to carry the Ring on its perilous quest. We know this Ring is supposed to be the most evil artifact in all the world. Bilbo kept it for decades and it just made him very, very old and a little bit greedy, but nothing too bizarre. Hobbits must have good resistance to bad magic. Isildur, a noble king of Men, took it, got very greedy, and wouldn't do the right thing. We see part of this in the prologue and Elrond hits it home at his council meeting. Plus the Nine kings who received Sauron's Rings also fell, so entrusting this to Men wouldn't be a good choice. And Gandalf, a wizard who we've seen do wonderful things, refuses Frodo's offer as if it were a hot potato. So Wizards are no good. The movie never explicitly says why dwarves or elves couldn't handle the Ring. I don't recall the movie pointing out that once the three elves with rings of power detected Sauron's influence, they took them off to avoid corruption. That might explain why they don't want to tangle with Sauron's One Ring. And a dwarf thought he could bash the Ring out of existence, but they don't entertain the idea of taking it themselves. Perhaps their love of shiny objects would make it a bad idea. So when one hobbit, the heir of the Ring's "finder," volunteers to go, nobody stops him and "mans" up and says they'll take it instead. They just offered to escort him. Sure, Gandalf sent Frodo "to his death." But it would've been a quicker death to put the Ring on and go himself. Damned if you do, damned if you don't.