Rigorously speaking, polytheism is a descriptor that applies to various beliefs, not a religion proper.And while the idea that divine judgement is a primary consideration for religious practice is probably present in polytheism, it was monotheism that put it so front and center and in so doing bought such a strife with atheism.
I think you are implying something here that would be worth stating in full.
Which threat?
1. I agree polytheism, as a label, applies to beliefs. I would also suggest that the modern concept of religion can't be easily forced on ancient practices.
2. I think that paganism today is a reconstruction and follows modern (or at least "post" modern) norms. I think that popular practice (and not elite practice) of polytheism was not as qualified or enlightened. And I think it illustrates the actual problem for freethinkers (not necessarily atheists) in those societies: If you find a belief or practice repugnant or irrational, you will still be under pressure to observe it. Socrates' crime, for example, was not atheism as we understand it today, but it was socially, politically and ideologically transgressive.
3. Finally, I am not absolving elites. I think they manipulated religion in very predictable ways. I would just suggest we not confuse their approach to the gods with the one that dominated daily ritual practice. It probably varied considerably, in both liberal and conservative directions.
I agree that ancient polytheism was more tolerant than Christianity specifically, as well as Islam. I just doubt that it is the functional equivalent of modern polytheism, which is much more tolerant and rational than any of them.