I make a lot of tongue-in-cheek suggestions on this board. This one isn't.
I propose adding missed victorious skins (for punishments only) to honor 5 orbs.Specifically, in place of Grey Warwick / Medieval Twitch. This means you cannot earn either of those honor skins in a given season if you were previously denied rewards. Honor 5 is not something somebody who is routinely toxic will be able to attain as it requires one penalty per season or less depending on the timing (a punishment in April or May makes honor 5 impossible by season end example), thus it shows a marked reform for impacted players. This would also create a lot of feel-good boards posts to counteract the constant negativity.
For example: someone finishes season 8 Honor 1 Checkpoint 2/3. They miss their skin per expectations. Next season they reach Honor 5. They unlock Victorious Orianna as a result. While they did receive a reward that was previously withheld, they are blocked from unlocking Grey Warwick or Medieval Twitch until season 10 adding to the scarcity of those skins. If they end season 9 below honor 2, they will similarly not be able to receive an honor 5 skin until season 11. These are not short timelines, sometimes exceeding a year, which matches up well with the apparent goals Riot has (60-90 days honor loss for 10 game CR).
In regards to Season 8 and Victorious Orianna specifically, I do not think this cheapens the skin at all considering you could almost literally just buy it from the store for 5200RP (cost of two server transfers) if you were below Honor 2.
EDIT: As there's some confusion, this is ONLY for skins that were lost due to punishments. Your account must have ended the impacted season in Gold or higher.