1. Combine honey, vanilla, and cinnamon in a small saucepan and bring to a simmer over medium-high. Cook, stirring occasionally, until mixture is bubbling around edges, 3 to 5 minutes, then remove from heat and cool 5 minutes.
2. Combine popcorn, banana chips, cherries, and walnuts in a large bowl and toss well, then pour cooled honey mixture over top and fold with a rubber spatula until coated, incorporating any honey that has settled on bottom of bowl. Set aside until mixture is very tacky, about 20 minutes. Meanwhile, line a baking sheet with parchment and set aside.
3. Using a large ice cream scoop, shape mixture into 12 balls, pressing firmly into scoop with your palm, then transfer to prepared baking sheet. Microwave chocolate chips in a small heatproof bowl until melted, 1 to 2 minutes, stirring every 20 seconds. Drizzle chocolate over popcorn balls, then let sit 10 minutes before serving.