I can see the point, but it is a fairly pointless idea is it not?
A lot of the people that will be in there are dead and yes it's great to honour them, and although there will obviously be plenty of living members, it simply seems an extension of the pomp and ceremony that there is too much of already in motorsport. An excuse for the suits to have yet more lavish do's in Switzerland or Monaco as that is where it will probably be.
We all know guys like Bell, Ickx, Makinen, Kankkunen, Faggioli, Nuvolari, and whoever you wish to add as a potential member are GREATS. I suppose this gives them further recognition. Do we need it? No.
But if you look at some Halls of Fame, you will not know a lot of the people in the lesser ones unless you have been following some sports for decades. I looked at the NHRA one a few years ago and knew hardly any of the people in there, there were track owners, scrutineers, car builders!! Great people no doubt, but hardly worthy of being in something as exalted as a Hall of Fame!