Lots of blog entries on this:
https://hackerfactor.com/blog/index.php?/archives/1022-Catching-Flies-with-Honey.html
https://hackerfactor.com/blog/index.php?/archives/997-No-NOC-Networking-Part-3.html
As far as setup: For this honeypot, I registered a new domain name (years ago), put up a minimal web site, and enabled tons of tracking and logging.
Since it's not advertised or mentioned anywhere, all the bots find it organically. (I haven't identified how Facebook found it.)