Blizzard have announced a full PvP honor system ranking reset coming with patch 1.14.4 (aka the Hardcore realms patch), and that the patch will be coming in the next 8-12 weeks.
Classic Era PvP Reset (Source)
We are preparing for a new 1.14.4 patch for WoW Classic Era to support WoW Classic Hardcore realms. In addition to official Hardcore realms, this patch will also include a large update to the vanilla PvP honor system for all Classic Era realms.
This patch will completely reset all current honor system ranking progress on all Classic Era realms when it’s released.
While we do not have a specific date to share yet for when the patch will be released, we want you to know that it will likely arrive in the next 8-12 weeks. If you’re in the middle of ranking in WoW Classic Era, you may want to take that timeframe into account before continuing. If you’re about to start ranking a character, you may not have enough time to hit Rank 14 before the patch arrives and your progress is lost.
Please know that we do not take something like a PvP ranking progress reset lightly. The updates we’re making to the Classic Era version of the game are required for the long-term health of that version of the game.
We look forward to providing more information on this when we open the Classic Era patch 1.14.4 PTR sometime in the next several weeks.