The current 75K honor cap is a design oversight if they keep it this way for all of Wrath Classic. Originally the design was for the honor cap to be around double the cost of the most expensive item. In 3.3.3, they removed battleground marks, adjusting the cost of items to be up to 60k honor.
In original Wrath, it didn’t matter much that they didn’t increase the cap since they shortly after revamped the honor system in Cataclysm. However, here, we have the 3.3.3 honor system with the 2.0 75k cap starting from the beginning of the expansion. I propose that it is increased to 120k to better meet the original intentions of the developers.
Edit: To clarify, this is about raising the honor cap once Wrath starts, not right now during pre-patch. To describe how the experience will be in Wrath if nothing is changed, it will be as if we had a 35k honor cap in TBC.
Source: Patch 2.0 Honor System Changes posted on the office World of Warcraft website (2008, page no longer exists but can be found via Waybackmachine)
Is there a limit to how many honor points I can accumulate?
Yes, there is a limit to how many honor points a character can accumulate, but it is currently set to be approximately twice as much as the most expensive reward. If you max out your honor points, you’ll need to spend some before you can earn additional honor points.
The limit of course, is subject to change depending on what works best for long-term game balance.
Once I gain Honor Points, do I keep it indefinitely, or do I have to keep earning it?
You keep them until you spend them. There is a limit to how many honor points a character can accumulate, but it is currently set to be approximately twice as much as the most expensive reward. If you max out your honor points, you’ll need to spend some before you can earn additional honor points.