I am predicting and am experiencing a few problems with this honor idea.
First, any "non-essential" role will not receive honor. ADC will gain the kills, do the most damage, and well, supports just support. This means supports are essentially out of the running. This is my main role and even if I do well I am not recognized for anything but my failures. It's been this way even before this honor system and has very little chance of changing, and if I have thought it through enough, am very much correct in this hypothesis.
Second, already I have had people in game asking for honor because "they were on a team full of trolls". It's like I'm on YouTube seeing videos of people asking for a thumbs up/up-boats/subscribe etc. Why do I need to play with these people? These are the people who seem to want to exploit the system the most and are seriously the worst to deal with.
Honor has no value to the person giving it to someone else. This is a flaw. Maybe at higher level play the players will give this out to others, but given the nature of the game, it will happen, but only for a short period of time before it dies down greatly to the point of near nothing being honored. This would probably be fixed by simply forcing a user out of every X games to give honor to someone else. At this point though I'm just throwing ideas around in my head of where this is headed.
Maybe I'm jaded.