It depends what you mean by respect. As far as Oscars go, the following romances have won Best Picture:
2011- The Artist
1998- Shakespeare in Love
1997- Titanic
1996- The English Patient
1985- Out of Africa
1977- Annie Hall
1961- West Side Story
1960- The Apartment
1958- Gigi
1955- Marty
1951- An American in Paris
1943- Casablanca
1940- Rebecca
1939- Gone With the Wind
1938- You Can't Take it With You
1934- It Happened One Night
An that's not counting romantic films that were nominated and didn't win. Nor is it counting romantic films that won in catagories other than best picture. Nor does it count Best Picture winners that aren't usually catagorized as "romance" even though there's a strong romantic element to the plot. So I think that the Oscars have always had a place for romance.
However in terms of general public perception I think there's a feeling that romantic films that end unhappily are more valid/meaningful. Of the films listed as winners only a few have the romance working out well for the characters.
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