Isn't it more of a reason to worship?
Would you stop loving your parents and respecting their morals and values if they didn't punish you?
Would you stop yearning for education and listening to your teacher if there was no more time out corner?
So...would you really stop worshipping God if there was no hell?
1. These situations do not equate. Parents and teachers are physical beings, who provide actual benefits.
2. People do not worship parents and teachers. As you said, they respect and learn from these authority figures.
3. The existence of any god does not automatically mean that any such entity is deserving or even desirous of worship from us.
4. The removal of a cosmic blackmail device is a reason for any such entity to follow up with an apology! It is not a reason for anyone to begin worshipping at all.