Shoegaze is a very revered genre although it technically was at it's height for a very brief period. Right before Alternative Rock really started taking off and existing right before Grunge and Brit Pop came along to crush it in Britian. What's central to it core is how its composed. It's a combination of noise rock (Jesus and Mary Chain), dreampop (Cocteau Twins being the best early example), Psychedelic Space Rock (like Loop), and conventional alt rock (like the Cure's "Fascination Street" from Disintegration). It's designed to be a beautiful layer of guitars with loads of effects pedals as the main focus with other elements (vocals and drums) really becoming less important.
The best single example would My Bloody Valentine's - Loveless which is still regarded as one the top alt rock albums today. In Pitchfork's Top 5 unless things have drastically changed since i last went there. It's a very challenging listen but ultimately often a very rewarding one. It's one of the noisier shoegaze albums but also catches a bit of the dreampop side of the scene.
But Loveless while being the "essential album" is not the only standalone. Other key albums would be Slowdive who was much more Dreampop influenced but also changed their sound from album to album. Ride's early work before they went bad Britpop is really good to. Other bands like Chapterhouse (more dance oriented), Curve (like MBV meets industriual and what Garbage ultimately mimicked), Catherine Wheel, and Swervedriver (both more alt rock based) are well worth checking out.
Shoegaze at its peak was never that big or well known but likewise its had a pretty devout set of fans who kept listening to that music and revering it. That's why often Shoegaze is referred to as a "religion". There's been an explosion of smaller newer bands using the same techniques and new ones (using more electronic means like M83 and Ulrich Schnauss) in years since. It's been very popular in Japan and also crossed over with Black Metal to form Blackgaze (Alcest + Amesoeurs).
Here's the big massive guide/list to the scene but I'm also more then happy to discuss it or answer any questions about it if i can.
https://rateyourmusic.com/list/TheScien ... _shoegaze/
And Dreampop is cool too, check out Cocteau Twin's - Treasure, Ocean Blue's - Cerulean, and the Cure's Disintegration for a great starter. Blissed out dreamy slow rock.
https://rateyourmusic.com/list/TheScien ... dream_pop/