I think it hasn't really improved, but it could do it if wrestlers could feel they had the ability to refuse an angle for being racist/misogynistic/abelist/homophobic and would get the support of the locker room in doing so. It would also help if audiences called out and rejected any bs and supported wrestlers who where caught in a bind by them.
While not about cultural respect but able to draw a parallel, think of the sexual assault angle from this year's Royal Rumble. The whole setup of WWE made me have to stop watching because even in the unlikely scenario that Lynch had came up with that angle, she did so I can a structural framework that encourages and supports the promotion of sexual assault. Her continuation within the company relied on playing to those misogynistic expectations. If the angle was suggested by someone else, what choices did she have? I'd suggest go with it or leave the company - no real choice at all.