It is just a flawed system. Receiving honor earns you rewards. In order to get the rewards you need to have a lot of honor. Thus many people do not give honor because they want the rewards to be as rare as possible when they earn them.

Give the people the ribbon who traded honor in the beginning and don't give it to players who didn't want to take part in trading honor and actually earning it. GG Riot.

I was just about to post something like this.

I still get honor fairly often from teammates... maybe about 1 every 3 games, but honorable opponent honors have seemingly vanished. I don't believe I've changed anything recently, but I simply never get honored by opponents anymore. Additionally, the honorable opponent badge is getting rarer. I kept track for about 20 games about a month ago, and basically every queue had an average of 4 or 5 honorable opponent badges between the two teams. I'm in a queue right now where I'm the only one with a badge, and this has been very common lately.

The novelty has worn off. There is no reward behind honor except for some tiny ribbon you'll barely notice, especially considering the difficulty to actually get it.

Personally, I couldn't play the whole of october, where honor started. When I came back to the game in november I already barely noticed honor, I only wondered, why everybody except me had some red ribbon next to their name.

In the around 150-180 games I played since then I accrued a total 42 honors, 2/3 of those being teamwork. On the other hand, a friend of mine (who plays a lot more than me) played throughout october and accrued over 300 honors in just this one month. Since then he made about 70. I can't even remember if he still has that red ribbon, even though we play together every few days.

The ribbons will disappear more and more as less and less people bother to honor and as such people fall below their threshhold.
As iatre said, in november nearly everybody had a ribbon (mostly red), nowadys I barely see anybody with it.

The only thing left from this honor system is people saying "GG WP" in the end, which they are only saying in hopes of getting honor. They can troll the whole way, and in the end, that's what they say. Even when they completely stomp the enemy team, they tell them that they played well. Or when there is a intentional feeder or an AFK/DC/Leave, they say that it was a good game. It's actually quite annoying sometimes. Although, if someone does say, "Thanks for the game" or "Sorry about your circumstances" when someone disconnects, I do tend to honor them.

Honor is quite hard to get these days :/