It’s important to look at class availability and advisor access for each school you’re considering. For example, while UNC is a highly ranked school, there are endless complaints from non-honors students and parents each year that it’s difficult for freshman & sophomores to get the classes they need, as well as get access to advisors. I’m guessing this is the case at many large public universities that experience funding issues (also could be major-dependent.) Students in the honors programs at most colleges are given perks such as priority registration and a dedicated honors advisor. After seeing how many large colleges struggle with having enough space in classes, an honors program at a college that is perceived as a lower rank, looks more attractive.
Also, as others have said, the additional perks are nice, assuming your student takes advantage of them. Too many people are caught up in the ranking of a college when they should be focused on the opportunities available for their student.