as someone who has had the self-extracting ring strip out the crank remove the ring, and throw it away ..

the more current bolts offer an 8mm hex socket,* include the function of the flat washer behind the bolt on the left
and a ring that covers the extractor thread from dirt, etc. and look nice..



there are a few pedals also using an 8mm 'allen' wrench, so getting a long one helps both..


As to your "should" I suspect you did not buy it new,

the past owner may have dumped the other self-extracting ring, for the same cracking..








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