It would be like putting Roger Maris in the baseball HOF.
It's funny, but he is "in" the HOF for his single-season HR record (I know he had a little section up there for a long time, though I'm guessing he still does now). I know he isn't in for his career or anything like that - but he did do SOMETHING that was HOF worthy, and they acknowledged it.
I actually think it's funny when people talk HOF stuff. For example, when discussing a QB that belongs in the HOF, I love to point out Jim Plunkett was incredibly mediocre but is "in" the HOF for his SB MVP honor and quarterbacking 2 SB champions. When someone points to an Eli Manning as HOF worthy, I point out that he led the league in INTs 3 times, but never led in another meaningful category. Then they say "2 SB MVP awards". Fair enough, but there's a lot more that goes into this calculation. By the SB MVP reckoning, I like to say Nick Foles is "in" the HOF 3 times - for being a SB MVP, throwing 7 TDs in 3 quarters of a game, and for setting a single season record of TD/INT ratio (though that was surpassed 3 years later by Brady).
I now Plunkett and Foles are not IN the HOF, but if you go, you'll see them in there for all these things. So they are "in" the HOF, though not for their career performance.
When it comes to Rock and Roll - what's the criteria? Lots of reasons to put MeatLoaf in if your criteria is fuzzy (the Foles and Plunkett "in" concept) but none, really, for his overall impact on the industry or genre. He was a good, and interesting, act. Great as Robert Paulson, too.
Personally, I think after the first 5 years they should have limited the R&R HOF to 1 act a year, and then had additional categories for R&R related concepts (Blues, Hip Hop, New Wave, Punk) that were more randomly assigned with no guarantee of getting in any particular year. Pretty soon every damn garage band will be in the R&R HOF.
I'm still waiting for The Sonics to get in. Never had a hit, but one of the most influential bands for the punk movement out there. 60's Punk, for lack of a better term.