I think it's a difficult task in that you can't include everyone...but I think it'd be fine if the admins did it by personal consensus...I imagine who they think would be noteworthy would be in line with what most users think.
The black bar exists because the owners/admins deem it to exist. It is necessarily a mark of respect granted by them, not by the community.
Any discussion or meta-discussion about its application will only confuse this true meaning and doesn't help anyone.
I think it's a difficult task in that you can't include everyone...but I think it'd be fine if the admins did it by personal consensus...I imagine who they think would be noteworthy would be in line with what most users think.