I have read that the procedure of forming field of fractions of a noncommutative ring $R$(...more generaly to adapt the general machinery of localizations to non commutative rings/modules) is much more involved and without additional conditions (eg the additional Ore condition is required) the localization of a noncommutative ring $R$ at a multiplicative subset $S \subset R$ - let write suggestively $R[S^{-1}]$ - might fail to exist, see eg here.
Treating $R$ as a category with one object and morphisms corresponding to ring elements, this problem appears in more general context of localizations of category $C$ by inverting naively some set of arrows $S$ facing the same problem that in such hypothetical loclized category $C[S^{-1}]$ the Homs might fail to form a honest set, but only a class. (eg, compare with Remarks in Localization chapter in Weibel's Homological Algebra; it seems that nearly every standard book on homological algebra I skimmed through so far not want to "make its hand dirty" on this issues on which I would like to gain deeper insight)
Now my concern is the following: I heard the slogan that this is mainly a set theoretic issue in sense that $R[S^{-1}]$ (or categorically the homs of $C[S^{-1}]$) might be even not a honest set if one would try the naive approach to mimic the commutative case, by declaring naively the underlying "set" - better class - $R[S^{-1}]$ to consist of of sequences $(r_1, s_2^{-1}, r_3, s_4^{-1}, r_5,...)$. ("zig zags")
Naive Question: Where actually the set /size theoretic issue occures if one tries this naive "adding zig zags" approach to construct the localization of $R$ (or category $C$) at $S$.
Of course in case of rings there pops up the algebraic issue that it would not be clear how to declare the ring multipliction on such new ring, but here I'm concerned with set theoretic issues only.
Could somebody explain why such object $R[S^{-1}]$, or homs of $C[S^{-1}]$ in general may happen to be not even a honest set but class?
Sources: eg "Introduction to Homological Algebra" by C. Weibel, 10.3.3 &10.3.6, or briefly indicated in ncatlab or wiki here or here.