Disrespectful to who? Large capital holders who create blight?
Someone drives past, that has no overlap all at with any of those factors.. they're gonna have an internal reaction too.
I guess if someones a fan of burning society down you can make a pitch that there's some progress being made by someone spraying their tag handle on some symbol of capitalistic structures.. but I have a hard time seeing depth of meaning from an act that's usually ego-driven(tagging).
What if you like your job, your area, and a developer shows up one day and installs 2/3rds of a dumpster in the parking lot. There is a partially completed trash enclosure there, clearly unfinished, blighting the view from your office.
If someone drives past, they're not going to get a positive impression whether it's painted or not.
If someone paints the wreckage of the incomplete dumpster, how do you feel about it? It seems to me the disrespect here is really from the people who built a pile of garbage in your parking lot.
That's the community in action, not some development firm who would mostly act as an extraction tool to siphon money out of the community once it was complete.
Seriously who cares? It is paint. Wash it off or paint over it if it bothers you.