Honours speak to a person and to their work. It’s the latter that’s important – I’m sure a lot of recipients aren’t personally that arsed about being an mbe or whatever, may even think it’s a bit lame, but the recognition that it gives their work can raise its profile (v important for charities, social campaigners, scientists etc) and just generally be a positive way of recognising what they do.
If you’re a world-acclaimed great master in what you do like Lucien Freud, or LS Lowry, then you can afford to be above such things. A lot of honours go to regular people, though, who are making a difference at a much smaller level.