Whether a profession is thought to be respected or not, depends on what is valued in the society. If the society values money, then well-paid occupations are on top of the list. If service to people matters most, then other professions take the lead.
To my mind, service to people ranks first. Take, for example, doctors. This profession is prestigious indeed, but doctors are respected not because of the pay they get. It is saving a life that is considered first. Another example is a teaching profession, which is respected for the knowledge teachers give to the learners. Importantly, social workers are respected for the help they give to senior citizens and to those with special needs.
Thinking otherwise, highly paid jobs are respected because people in this profession are well off. The first argument coming to my mind is that if a job offers got a high pay, then it is a highly qualified and respected occupation. The next argument to share is that the job requiring creativity is also to be respected. Also, risky and difficult jobs are certainly to be recognised as well.
I certainly acknowledge the importance of high pay, motivation and efficiency, but these factors are not enough. A highly paid job is not always popular among others. Similarly, an occupation requiring creativity may be directed at self-enrichment. Moreover, difficult professions may be of little use for people.
To summarise, if you ask me about the professions I call respected, I would say that it is not only money, creativity and challenge, but also service to people that makes the job really respected.