Many parents insist on it. Most American parents insist on respect from their children. This is a common attitude amongst American parents. Most American parents punish their children when they feel "dishonored". However, honoring parents means honoring them in a certain specific way - caring for them as they age.
The Fifth Commandment is spelled out in Exodus 20:12 KJV:
Honour thy father and thy mother: that thy days may be long upon the land which the LORD thy God giveth thee.
And is repeated in Ephesians 6:2-3 KJV:
Honour your father and mother; which is the first commandment with promise; That it may be well with thee, and thou mayest live long on the earth.
The Greek root word translated "honour" in Eph. 6:2 is τιμαο (Latin: timao) and refers here to a specific form of honoring parents, with that being caring for them as they age. The idea is to give back to your parents in some way, as thanksgiving for how your parents were nothing but kind and charitable towards you. However, this only works if your parents never abused you. If you were abused by your parents, you have the right to shun your parents, You only have to forgive your parents for abusing you if they give a meaningful apology for them offending you. Even then, if your parents go back on their apology, you can go back on your forgiveness.
"Dishonoring" parents is a common reason for parents punishing children. Most American parents punish their children when they feel "dishonored". In many homes, parents punish their children merely for children "dishonoring" them, meaning when they speak against parents. However, the Bible prohibits any and all punitive parenting, including when parents feel "dishonored". See Colossians 3:21 KJV:
Fathers, provoke not your children to anger, lest they be discouraged.
The Greek root word translated "provoke...to anger" is ερεθιζο (Latin: erethizo) and refers here to offenses or damages, namely the slightest of personal offense perceived by a child, stemming from entitlement. It is one thing to stop spanking your child, including for "dishonoring" parents. However, it is not enough to stop spanking your child, or even stop punishing them altogether for that matter. You need to avoid offense in children. Avoiding offense in children is the same as avoiding offense in other adults. Just as hurt feelings are inevitable in relations between adults, hurt feelings are also inevitable in children when dealing with them. Thus, in order to avoid offense in children, you need to be willing to give a meaningful apology whenever you hurt their feelings. Usually, all that is necessary is a reassurance of good intent coming from parents, in the form of an informal apology, whenever you hurt their feelings with limits not set out of anger, such as "I'm sorry, but I had to set X limit for Y reasons". However, if you ever lose your cool with your child as a parent, including while setting limits, you definitely need to give a formal apology for hurting your child's feelings with your anger, such as "I apologize for losing my temper with you" and then commit never to lose your cool with your child ever again, as any parent anger directed towards a child alone is entitlement, and was seen as entitlement in the Early Church. This commandment cross-references the Eighth and the Tenth Commandments, with the Apostle Paul here convicting a group of Greek Christian parents who brought into the church their pagan custom of patrias potestas, which is a Latin term roughly translating to "power to the parent", namely the power to impose punitive sanctions on children, such as spanking or other forms of punishment of children. However, this commandment was ultimately received as prohibiting all offenses as perceived by a child, at minimum. Paul, contrary to popular legend, was anti-spanking, and oppsoed any and all punitive parenting in his secular writings. Attachment parenting was banned under Roman law, but the Early Christians did it anyway, obeying God over men.
The only reason for the Fifth Commandment was an elder abuse and neglect in both the Old Testament and the parish at Ephesus. Thus, God gave the commandment, through the inspired pen of Moses and Paul respectively, for parents to be cared for as a reward for being a good parent.
However, if your parents were ever abusive towards you, you owe nothing to those parents. The only reason that you would have to forgive your parents is if they give a credible apology. Even then, if parents went back on their apology, you could go back on your forgiveness.
The depraved and entitled parents who provoke their children to anger through punitive parenting will not inherit the Kingdom of God! Let them be cast forever into the lake of fire and burning sulfur, which is the second death prepared for Satan and his accomplices! Let them descend into the abyss which is the ever-burning Hell of fire and torment, suffering God's Wrath day and night forever and ever! Repent, for the Kingdom of Heaven is at hand!