Dave:
The original version of the Hall of Fame, in Pinehurst, didn't induct any golf architects at all, as memory serves. (Unless you believe that Old Tom and Mr. Nicklaus were inducted for their contributions to design ... but I don't think these were mentioned on their plaques.)
Rightly or wrongly, they are starting to include architects now, one every year or two. Mr. Dye may or may not be #4 in history -- it'll take another fifty years to judge -- but he was certainly the best of his era and I think it's nice to see them honor him while he is still around to accept personally. As Ian says, neither Colt nor Tillinghast is likely to stand up and object to having to wait another year or two.