Since Dean’s Lists are often based on GPA, it really doesn’t inform about anything that the student (or someone reading internship applications) already knows: the GPA they accomplished.
I’ve always thought it be more important for parents to tell the grandparents, than for the students to feel “recognized”, or to create opportunities.
It’s more an automatic attribute, like your birthday celebration.
I don’t have strong feelings for or against - I just don’t think it’s a “great loss” in practical terms?
However, I would have done it as a “rolling phase-out” so that people who did put it on their Linked-In for year 1 and 2 don’t suddenly face a “no longer on dean’s list?” scenario.