It's likely to have serious butteflies on superheroes as we know them. For a start, there's a good chance there's also no Captain Marvel (the big red cheese, not the Kree).
The popularity of comics is probably less, too.
I wonder if the trend toward pulp superheroes doesn't produce the likes of a Wertham backlash before WW2. It's also possible this moves comics toward a more adult audience sooner, splitting them into the Disneyesque kiddie books (Archie, Mickey Mouse, Captain Carrot), in the comics size, & adult mags (in the vein of
Heavy Metal &
DHKF) not sold to kids (& higher cover prices, so kids couldn't afford them anyhow).
If this split happens early enough, the adult-themed EC horror books (which were never meant for kids to begin with
) could survive...