Or is it just an excuse to make another list on TV Tropes, with no actual storytelling meaning?
If it is a trope, it needs a description as to why it's a trope.
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I think the idea here is that this is a comedy Trope, where you have Those Two Bad Guys who are overly formal and refer to each other with honorifics every time they talk to each other. Might be something of a Dead Horse Trope, at least in any serious genre.
Whether this is a Trope or not, I'm not sure. Seems to have a lot of Zero Context Examples.
As much as I like to rag on TV Tropes for being overly strict and heavy-handed with how it handles certain tropes, I think they made the right call with how they eventually handled this trope: they split it into two tropes with one covering the "two friends/strangers talk to each other in an overly polite manner" part, while the other focuses on the "very chummy and talkative evil pair" part.
Ultimately, I'd say to move all villainous examples of this trope to the Those Two Bad Guys page while reworking this page to focus on the "overly polite character dynamic" bit.
Even if this is a trope, it still needs a lot of time in the Trope Workshop for fixup because it needs both a better description and better examples. Then we need to rename the trope because "Mister X and Mister Y" is really confusing. At this point, we're better off with alternative options or big cleanup.
My first preference is Utini501's suggestion, but that would take a lot of work and require people who are knowledge about the examples in the page. My second preference is to straight up delete this trope.