Reality TV is some of the most pervasive on television, because it's cheap and easy to produce. People who have somehow found fame because of these shows (Snooki comes to mind) have no actual talent, they were just in the right place at the right time to make money for the right people. Role models should be determined by skills and abilities, not by who gets on TV.
Reality TV stars, generally, have done nothing to earn our respect or admiration. They are not smarter, kinder or more valuable to society than, say, a thistle, yet we treat them as if our world would cease to exist with their mindless banter. The contrived world of reality TV flaunts the true meaning of reality, and to call a participant in such programming a star detracts immeasurably from those with actual talent.
I like watching The Bachelor and The Bachelorette, but I will never understand why people think so highly of the people on those shows. Most of them go on the show for attention and not to find love. I don't see a reason to hold them in high regard since they haven't done anything to deserve it.
No, reality television stars are not held in too high regard. While some people who appear on reality television shows receive high salaries and enjoy celebrity status, their wealth and renown does not confer respect or esteem. While reality TV stars are the objects of attention and sometimes controversy, this is not position is not one of high regard.