In Chinese culture, 尊重 is not just a personal feeling but a crucial component of social harmony (和谐, héxié). It is deeply intertwined with Confucian values that emphasize social roles and hierarchy. A key difference from the typical American/Western view is the “given vs. earned” nature of respect.
This doesn't mean earned respect doesn't exist, but the baseline of “given” respect is much higher and more socially mandated than in the West.
尊重 is a common and important word used in both formal and informal contexts, though it always carries a degree of seriousness.