If Riot increased honor experience 5 fold (for now being able to honor all 5 people), i'd actually have to worry about getting consistently honored in games so that i may even reach Honor 5 possibly, within a season. So no thanks on that front. I'd rather worry about the occasional honor(s) because that way, i know for a fact that i certainly don't deserve an honor for just being a participant in a given game. I actually have to do something that my teammate(s) may give me recognition for.
And where is my incentive to honor the opponent?
Explain to me for what should i honor them, given i'm playing with my own team and am essentially judging their performance only? I'm not judging my enemy's nor am i able to acknowledge good shotcalls on the other side - that's something for their teammates to do.
Both teams get to honor vote for their teammates, regardless of a won or lost game. If i lose a game, i can still honor my teammates who i think did good, despite the obvious outcome. Where does "honor an opponent" come into account anywhere?
As of this moment, i have no incentive to honor people i'm playing against because i can't judge them on the same criteria as i would my team. What does it mean to be an honorable opponent, except not being a dick and rubbing it in people's faces in chat, spamming emotes, mastery or ctrl + 1,2,3 or 4? Right now, people just want this for the bling, they have no real and justifiable reason to why this needs to exist. I don't chat with the opposing team, my cross chat was disabled years ago. The cross-team communication is pointless anyway.
If we've stooped this low and honor opponents for not being intentional dickbags, then this recognition is a pretty pointless one that carries no weight for what it's supposed to represent.