Absolutely. When I think Hall of Fame, I think two things. One would be all-time greats, and the other is what the individual did to help the sport. Part one, he is obviously not qualified. He has a place in history among UFC HW's, but everyone knows that it doesn't mean much. However, the UFC will never be bigger than it was when he was on top. He brought in many new viewers, and while some left when he did, others became fans or (like me) went from casual interest here and there to following the sport closely. If he never came to the UFC, would they be on Fox? Probably not.
Most people just say "no" and dismiss him being in the HOF because they don't like him, or don't like what he represented. He has his place in HOF, it's just not for being an all-time great, because he's not.