There is a program called MVP Reconnect and the idea is former MVPs would be able to register and once their registrations approved, they would be able to join this program. This is a way to recognize former MVPs for their past contributions to the community. To learn more take a look at Welcome to the MVP Reconnect Program! (microsoft.com)
I believe it would be nice to add the MVP Reconnect badge or former MVP for users who are part of this program. It is important to show they are experts and use to be contributors to the community. This is only applicable if someone joined the MVP Reconnect program.