The average bowler hasn't ever thrown an honor score and probably will not. So limiting them to one life time award doesn't effect them at all.
Once the proliferation of honor scores began I couldn't understand why they continued to give a ring per season. Most are probably just sitting a drawer somewhere.
The USBC is losing money like crazy and they are pulling money from the national tournament in order to keep afloat.
But if you don't want a standardized set of rules, support of team USA, local, state, and national tournaments, bonding of leagues, etc, etc, then do away with them.