바라요 is the correct way to spell it as far as I know, even though many people say 바래요.
바래 is probably a habitual misuse influenced by words like 그래, 저래, 가래, 말래, 뭐래? and so on.
These phrases end with 래 because they are contractions of phrases ending with 해 (special case where 하다 + -아/어 becomes 하여, and then contracts to 해), as in 그러해/그렇게 해, 저러해, 말라(고) 해, 뭐라(고) 해?
If you follow the same pattern for 바래, the original should be 바라해, but is it an acceptable phrase? I believe not (there is no 바라하다 in the dictionary). So, most likely people are following the wrong pattern out of habit.
To confirm it, the language institute (국립국어원) clarifies that the correct form is 바라. So when you write, it is best to use 바라. When you speak, it doesn't matter much because so many people say 바래.