The honour paid in this case could be considered as the price paid by Christ kjv@1Corinthians:6:20 kjv@1Corinthians:7:23. If we confuse this with the honour we occasionally exchange amongst ourselves, the honour that is individually earned one to another we will miss Paul's point spiritually.
In other words I pay you the honour that my Lord Jesus purchased for both of us. It is not the honour of us being good and deserving people, it is the honour for which our Lord shed His very own blood for.
You have been purchased. I have been purchased. We owe each other the honour reflecting of Christ's.
We can see husbands paying this to their wives kjv@1Peter:3:7 and believing servants giving this type of honour to their unbelieving masters kjv@1Timothy:6:1 so that God's name would not be blasphemed.
This honour is so much more than what we today would call "respect" or politically correct "tolerance". It is an inherent worthiness paid for by Jesus the Christ.
Leading each other in the Lord. Not you leading me or me leading you, the Lord leading both of us hand in hand with each other.
Every soldier has the next soldiers back.