I'll be honest, last year, my ATAR was important and getting a 99.95 would be on my list of Top 10 best things that can happen in life. However, times chance, I grew up, I matured, I learnt more about life, more about people and more about what's actually meaningful and important. Sadly, the ATAR just doesn't really matter anymore, I wouldn't really care even if I had gotten an 85.00 or something like that because it really doesn't matter - there's so much more to life than just Year 12 and even if you don't get into the course you want, there's always ways of getting there and even then, there's obviously always the fact that maybe you just weren't cut out for it.
I bet you my bottom dollar, if you go out and ask a bunch of 40 year olds what their biggest regret was, I doubt more than a handful of them would say "not working hard in Year 12" or "not getting the score I wanted" - it's because as life goes on, other events, opportunities and achievements outshadow your ATAR. It becomes something that's in your memory, something that you wouldn't even bother putting on your resume or CV unless it was something really special.
The ATAR is very reflective of how smart you are - I definitely agree with that, it's because most people put so much work into it, so much time, so much effort and so much emotion that when it comes down to it, it reflects just their life so well. Those that have dedicated their lives in the pursuit of education are rewarded with a good ATAR and they deserve it.
If you asked me if I respect people who have attained a high ATAR, I would say yes, I respect them to no end because it's the embodiment of a certain set of skills which are very difficult to master all at once, and those who have gotten 99.95 or 99.90 or something of the like have mastered so many of those skills perfectly and that's something which I truly admire, respect and wish to see in more people.
However, I respect people for doing a lot of other things as well, the ATAR is one of many milestones in the river they call life. When you grow up, you'll start going to uni, your degree and your uni marks will matter probably even more than your ATAR will and even then, heaps of other things can shape your life so much more, when you get married, when you score your first professional full-time job, when you learn and gain experience on your job, your promotions, having children, getting more promotions, changing workplaces to better suit your needs - all these events will shape who you are and are just a few of the many milestones you'll encounter in life.