Jesus previously established the connection he has with the Father, and now he would give examples. Both the Father and Son give life and do resurrections based on their will as expressed in the Bible (5:21). Additionally, at the time of writing, regarding judgment, the Son, not the Father, does judgment (5:22). It's possible that the judgment is referring to the final judgment, which will be described a lot more in detail in Revelation.
Because of the link, Jesus wants us to honor the Son like the Father (5:23). In fact, dishonoring the Son means dishonoring the Father because the Father sent the son (5:23). According to Merriam-Webster, "honor" means "a showing of usually merited respect". Essentially, Jesus wants the respect for Him to be comparable to the Father, which further conveys Jesus as God (which is supported by the similar abilities and relationship).