And a meta-point on top of the objectively better revenue argument swinging back to the other point about honor: if some or even most of the people involved in the honor system believe it works for the purpose of maintaining honor between each other, then it will encourage honorable behavior, even when there's significant dishonorable behavior.

The fact that most people don't know that the honor system is about money not honor is part of what makes the money part of the honor system work.