Joining the "being able to honor opponents crusade"
Deus vult!
The point of honoring opponents was for when your opponent lost gracefully and own with humility. For example if they lose they say things like "nice plays," "good game," and "well played." If they win they say things like "good game," "you almost had us," or any bit of advice that would help their opponents. Even helping their opponents in game is considered honorable (not by inting or anything, but offering tips and tricks).
The reason they removed it (the way I understand it) is because we cannot see what our opponents say in their channel, just like they cannot read your team's channel. Since an opponent can be two faced and only flame in their team channel, they removed the option.
So since a member of Team A can be toxic without Team B knowing, they decided that Team B should not be allowed to give credit to anyone on Team A. And yet reports (which are like reverse honors when you think about it) are still fair game. You can report any player of your choosing.
They want to punish bad behavior so much, but when it comes to giving credit for good behavior, they are so apprehensive about it. I think that says something about Riot and their mindset.