I knew about this and I feel the amount of honor you get from this is extremely small. I very very rarely honor someone on my team, only done so maybe 3 times total and one time was a mistake and I am already at honor level 4 checkpoint 1 despite almost never getting this bonus, and as someone who split pushes a lot. I tend to confuse/anger my team as most don't understand my style of play and therefore I don't get a whole lot of honors myself either.
I very rarely honor people because it is extremely rare for me to see someone do something honorable, carrying the team/game is NOT honorable in my book. Making good plays is NOT honorable in my book. in fact pretty much nothing you can do with your champ in honorable in my book. for someone to get an honor from me, they have to do something socially positive. its not how you play, its how you act.
Therefore if you are honoring people just to get this bonus, stop. I am pretty sure the amount you get is next to nothing from what I can tell.
The old honor system was better.