I've never regarded the Rock 'n' Roll Hall of Fame as being of any sort of significance. None at all. It's something that plays absolutely no role in my view on rock music. And it probably wouldn't be even if the inclusion of artists was more objective. In my opinion, any sort of Hall of Fame is just a premise for pointless, hour-long pub arguments that lie somewhere between what the best beer is and whether you prefer blondes or brunettes.
In other words: It all comes down to a matter of taste. You cannot assess the significance of a band objectively.
I could argue, for example, that I think Venom should be inducted in the Hall of Fame. Venom are a very old band, and they have laid the groundstone to the entire genre of Black Metal. However, the next person could say that Black Metal is either just a subgenre of Extreme Metal (and that Extreme Metal itself is just a subgenre of Heavy Metal), or that it is in fact not music but noise, and that a band that founded a genre of so little significance to the rock world as a whole needn't be regarded. We would get into a heated argument about originality vs artistry, and in the end none of us would win and nothing would have changed. To me, this entire Rock 'n' Roll Hall of Fame thing is all about that and nothing else.