The Honor Initiative is a cool idea for promoting good behavior, but it is flawed since there is very little incentive to actually _give_ honor to others even if they deserve it. Players being who they are (focused on themselves), the vast majority will simply forget that the honor system even exists.
What if there was a system that gave feedback to players who honored their teammates effectively, similar to the report feedback system? If a player gets enough honors of a certain type within a certain number of games, it can be presumed that they deserve those honors. This could give an "honor giver" acknowledgement mark to all the players who honored them recently.