In my mind, the three criteria for HOF consideration should be... (and in no particular order)
1. Commercial success
2. Critical success (was your art deemed "good" by those in the know)
3. Influence on other artists
I'd be inclined to include artists who had 2 of the three, minimum.
Going by that, I'd include Rush and KISS. Obvious commercial success and influence...
Chicago and 'Hall & Oates' for example had enormous commercial appeal, but not so much the other two.
Just my two cents.