I think what is intrinsically wrong is tying honour to rank. It was a leap forward honouring ORs with MBE or DFC/AFC but beyond that you must be wg cdr to be considered for an OBE.
Perhaps sporting honours should also be tied to age and retirement. How do you honour a KCBE if they continue to gain medals?
I recall a sketch years ago, really needs to be spoken:
Sebastian Coe, SEBASTIAN COEE