However, being on call is representative of something. Your electric company has linemen ready to respond at 2AM because they provide a service which needs to be available 24/7. However, good luck trying to contact your dermatologist, accountant, physical trainer etc at 2AM.
For all practical purposes, above a certain level of management, you are implicitly on call all the time. However, the bar to clear to engage you gets higher the further up the leadership layers you go. A manager of a handful of teams comprising about 100 staff gets engaged for less serious fires than the CEO, but both are "on call". It might take the board of directors chartering a helicopter to get to the CEO's fly fishing cabin during the CEO's vacation if a situation warranting such presents itself, but the CEO is absolutely on call 24x7x365.
The complexity of what engages the on call person I suspect is what connotes status. Called for clearing out disk space: low status. Called for application outage that has stumped multiple technical teams: higher status. Called for a production outage impacting the next day's C-level reports that requires engaging other management: higher status. Called for heading off a shareholder proxy battle: even higher status.
Note here complexity doesn't solely reside in the technical realm, but frequently is rather a blend of technical factors, social factors, and quickly making impactful decisions in low-information situations.
Long hours and little respect probably will vary from one employer to the next. However, I've been working as a developer for about ~10 years - most of it with a mid-size insurance company but the last couple with a large bank. I work longer hours than most of my colleagues, but I've rarely put in more than 50 hours in a week, and my average is probably closer to 45. And my non-engineering colleagues have always treated my fellow engineers and me with respect and an appreciation for the difficulty of what we do. If anything, they've usually been a bit too deferential.
YMMV, but I think our profession is probably among the best in the world for workers. If my child were about to enter the working world and had the ability + interest, I'd absolutely recommend this as a career.