Semiconductor ring lasers are miniaturized devices that operate on clockwise and counterclockwise modes. These modes are not coupled in the absence of intracavity reflectors, which prevents the formation of a standing wave in the cavity and, consequently, of a population inversion grating. This should inhibit the onset of multimode emission driven by spatial hole burning. Here we show that, despite this notion, ring quantum cascade lasers inherently operate in phase-locked multimode states, that switch on and off as the pumping level is progressively increased. By rewriting the master equation of lasers with fast gain media in the form of the complex Ginzburg-Landau equation, we show that ring frequency combs stem from a phase instability---a phenomenon also known in superconductors and Bose-Einstein condensates. The instability is due to coupling of the amplitude and phase modulation of the optical field in a semiconductor laser, which plays the role of a Kerr nonlinearity, highlighting a connection between laser and microresonator frequency combs.