I do believe Regina loves Bay but the switched ruined things for them. Bay will never be Daphne. Daphne is Regina's true daughter. I would love for Regina to finally admit the truth to herself, she does love Bay but not the way she loves Daphne. The more she runs from this truth, the more her and Bay can't work to make a better relationship, she has to face the elephant in the room of that relationship, Bay was right, Daphne always comes first in Regina's eyes, she trusts her above Bay.