When we respect others like our elders, our teachers, our parent(s) we’re holding them to highest regard because of their wisdom and experiences they have to teach others about life.
Respect is important in our society because it keeps us in balance psychologically. When others respect us we feel good about ourselves. As citizens, we have to give a certain amount of respect for civility.
Some would argue that respect is earned which is true as well. Respecting one another increases positive energy and support that all of us need to succeed in life.