If you're pulling out the n-word (need), no, it's not needed. Neither are many other things in life, but let's not get into need versus want.
I had the pleasure of working with one of MCBM HOF Inductees mentioned on page one for about a year, and ego simply never came into play. In fact, I never even realized just how much he had done for the hobby until after he left the company where we both worked and the light bulb went on over my head. He never talked about it, and I never thought to ask about it, even though he had some of his models on display in a few hallway display cases.
My concern about ego is not fear that those who were inducted would get a big head, but that there are those who often see themselves as more influential than they are, and that their ego would bruise if not recognized. look at how many people complain about the judging at contests and how the same people always win, and how they should change the judging etc. All this over a ribbon, certificate or cheap $2 trophy.