If this was the NBA, you'd be right, to win an MVP requires a higher level of play than it does to make the Hall of Fame.
However you have to remember this is BB we're talking about. In BB, there are tons of leagues and each of these leagues has an MVP every season, even bot leagues. On the other hand, not many players make the Hall of Fame (only supporters can put players into the hall, and they usually don't nominate many players).