The company usually doesn’t reveal Hall of Fame inductees until a few months/weeks before that year’s WrestleMania. Ever since Bearer sadly passed away earlier this year, WWE thought it was the right thing to announce the news pretty early.
Bearer is well known to be the iconic manager for The Undertaker for many years. From a storyline standpoint, he was actually the “father” of both Undertaker and Kane. Both Undertaker and Kane respected Bearer and treated him like a father outside of the ring anyway.
For me it would make sense for both Kane and Undertaker to induct Bearer into the Hall of Fame together. Both men have rarely broken character before in front of WWE cameras. In an important occasion like this, it would be appropriate for both to reveal their true relationship towards Bearer. Undertaker has always been backstage during Hall of Fame ceremonies, but now would be the best time for him to become Mark Calaway instead.
WWE has not announced anyone else that will be in the Hall of Fame next year as of yet. In the running, though, is Michael Hayes. Hayes has been part of WWE Creative for many years now and was the main writers for Smackdown too. Another name that has been thrown around is Vince McMahon himself. I’m guessing McMahon wants to get inducted before he officially retires from the business.