Why you need to be able to honor more than 1 person in the new honor system.
Because you tied it to key frags. What if someone is not a toxic player, but just so happens to hardly get honored because people can only choose one and it's just their rotten luck that they almost never are? Wouldn't that make them even less likely to get key frags then they did in the old system? People like that deserve to open the chests they get without having to pay money for keys.
To solve this problem you need to either detach key frags from honor and keep key frags as they were (and please change the system so they appear more often) or you are going to have to make it so we can honor multiple people.