Well, it's meant to show that you are a good person in the game, but with the way the community is at giving them to people, they do mean less than they should. I've had people give me tons of honors for all various reasons of being good, or for them trolling and thinking I was bad. It still made the levels grow but in the end, it makes the honor itself mean less really.
There really aren't much for "rewards" yet as they are still working on that for the future seasons, as the new 2018 honor updates hit the PBE. We'll see new chest/capsules that give increasing rewards at different levels now called checkpoints. So there will be other things in ways for rewards but just not at this time.