Being able to honor someone **during** a match would make a pretty big difference to the honor system, I believe.
How many times have you wanted to honor someone for just being a chill teammate/opponent but just leave right after the game ends, without honoring anyone?
With a report, that stays on your mind, you want to do something to stop someone from being toxic/feeding/etc. So it will stay with you and 9 times out of 10 you end up reporting said player. But honoring doesn't stick with you like that. I'd like to see a lot more honor ribbons because of being able to honor in game (with the option to take away the honor before game ends, or at the post-game screen. We all know a few that start out nice, laid back, then end up rude/toxic)
EDIT: I don't mean for this addition to replace the end game honor, but only to be added option while in game, so that you don't forget. Also, keep reports for the post-game screen. The last thing we need is salty players reporting in game and wasting time sitting there, basically afk.