The whole honours system is anachronistic. But if the state is going to hand out gongs, it should do so to unsung heroes who do good things for many years. Not to retired Civil Servants and politicians as perks of the job, and not to high-profile entertainment and sports figures who already have plenty of reward and recognition (unless they also happen to do lots of behind-the-scenes charidee and other good works, but then for a lifetime's achievements).
Much as I admire Hoy and Adlington and Hamilton etc, they have recognition and adulation enough already. The honours system should not be dictated by who is flavour of the month.
The only exception I'd make in all this is Ellie Simmons, who imho is thoroughly deserving.