As far as all the sources I can find say, 'hone in' originated as an error for 'home in', but has become widespread enough to be considered an acceptable variant. If one of them is being let in erroneously by the nasty descriptivists at Merriam-Webster, it'd be 'hone in'. But either one gets the meaning across, so I don't see the issue.
But in this case `home` is the correct verb. As a verb it has the same meaning as in the phrases homing pigeon or homing missile. Home-in is the older (by citation) and more common phrase, with hone-in probably being used due to mishearing home-in, although they could have both arisen independently.
I suspect "hone in" is from "honing a craft" so hone in is like improving something. I would rather "home in" being for things like getting closer to being correct and "hone in" being for getting better at something.
"Hone" is from honing a blade, which is what you do to keep its edge. To "home in" on something is the process of locating where something is positioned (its "home.") That something could be "the answer" or a submarine. A homing signal is a signal you broadcast to assist others with homing in on your location.
"Honing" is more metaphorically akin to polishing. To hone a skill means to practice at it.
The word appears in dictionaries, which document usage, but the word is nonsensical. "Irregardless" is used to mean "regardless", which is a far better choice of word.
irregardless (adj.)
an erroneous word that, etymologically, means the opposite of what it is
used to express; probably a blend of irrespective and regardless, and
perhaps inspired by the colloquial use of the double negative as an
emphatic. [1]