Or, of course, "your Dexterity bonus counts as one higher for purposes of calculating Armor Class" [emoji4]
I think this does a lot for providing one way of adequately calculating the benefit and have it interact well with the various AC calculation methods.
* Heavy armor users receive no benefit.
* Medium armor users receive a benefit if their DEX < 2.
* Everyone else receive a benefit because all the other AC calculation methods use the full DEX bonus.
The downside is that it is non-intuitive (the DEX isn't
actually getting better, its just how the calculation is made). It also is not a very 5e way of doing things, although there is some precedent for saying an ability bonus is modified for the purpose of calculating something (carrying capacity adjustments come to mind.
The amulet of natural armor also has several items that are very similar, notably the
ring of protection and
bracers of defense.
Several people in this thread (myself included) have been looking at how to limit stacking of of the AC bonus to places where it makes sense, but in 3.5 the bonus stacked.
https://www.dandwiki.com/wiki/SRD:Armor_Class#Natural_Armor
The following reference specifically mentions the natural armor bonus provided by
barkskin.
http://archive.wizards.com/default.asp?x=dnd/glossary&term=Glossary_dnd_naturalarmorbonus&alpha=
barkskin is also the spell used to create the amulet in 3.5. Given that,
barksin may be a good place to check how natural armor could interact in 5e. In 5e,
barkskin says your AC cannot be less than 16. The amulet of natural armor could say something to the effect that "your AC cannot be less than ##". The question would then be "what is the bonus?"
I would suggest that a rare or very rare amulet would function the same as
barkskin. An uncommon or rare version would set the AC to 10 + proficiency bonus. In both cases you probably could skip attunement since it is not really better than many other AC calculation methods and does not stack with them.