This is a good question because the answer has changed over the years. The original plan was that the USS Arizona Memorial commemorates the men who died on the USS Arizona. That seems fitting. The problem is that there were many other heroes of Pearl Harbor who died for their country.
The Arizona Memorial was the first monument to be constructed as a memorial at Pearl Harbor. While it represented nearly half of those killed at Pearl Harbor, there were others who did not have a memorial. Thus, after time has past, the USS Arizona Memorial Commemorates all of the military personnel who died at Pearl Harbor.
Now there is a monument to the men of the USS Utah, the USS Utah Memorial. And the beautiful USS Oklahoma Memorial for the men of the USS Oklahoma. Both are located on Ford Island, but the USS Utah Memorial requires military ID to visit.
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