My Hero Academia was undoubtedly a manga for the ages. Complete with an expansive character roster, intense action, comedy, an intriguing adventure element, and brilliant storytelling, Kohei Horikoshi's series has truly established itself as a must-read/watch. Needless to mention, Izuku Midoriya and Katsuki Bakugo emerged as fan favorites and among the strongest in the series.
However, a little harsh but true, My Hero Academia did not do anything to affirm the Deku-Bakugo "romance" subplot. Such a concept was born given the kind of interaction and relationship these characters had. Many have opined that there was a hint of romance between the pair. But that isn't official, as there were no explicit moments that cemented or even hinted at the same.
Disclaimer: This article reflects the writer's opinion.
My Hero Academia: Deku-Bakugo "romance" subplot was never certified

My Hero Academia did subtly ship characters through the course of the story. Then again, this wasn't explicit but merely hints that they could potentially have a budding romance in the future. One of the most popular ones was that of Deku and Ochaco Uraraka, a ship that was quite obvious and which actually materialized by the end.
Another popular one was the Deku-Bakugo ship. A number of fans felt that there was something brewing between the two young Heroes. They began picking up and pointing out the "subtlest" clues so as to prove that the ship did exist. However, the series itself, through the course of its 431 chapters, never once affirmed it.
When looking back, Deku and Bakugo were unique in the sense that they each drove the other to become the best. Bakugo initially bullied the green-haired boy for being Quirkless. But Deku suddenly manifesting a Quirk and being accepted into U.A. High threw the blonde into confusion. As Deku grew stronger, Bakugo's insecurities developed as well.

He was always trying to one-up the One For All user until things reached a boiling point. With All Might stepping down as No. 1 Hero, Bakugo blamed himself and lived in torment, wanting to one day take his place. As the story progressed, Bakugo eventually accepted Deku and saw him as a true rival. He even revealed that all the bullying and hard training to one-up were fueled by his own self-doubt.
Deku and Bakugo's relationship in My Hero Academia went from rivals to respect, not lovers. Through childhood memory flashbacks, partnering up in battles and rescue missions (especially Bakugo and the League of Villains instance) emphasized emotional growth, not a budding romance or signals that indicated the same.
Their bond may have portrayed considerable emotion, but never romance. Their journey from little kids who dreamt of being Heroes to actually competing in the Rankings showcased individual development, responsibility, and a common purpose. Interpreting and exploring the characters is obviously permitted; however, the "romantic" subplot was never validated.
Rather, through the pair, Horikoshi attempted to underscore themes of rivalry, redemption, and the complexities of male friendship, without romance.
Final Thoughts

All in all, My Hero Academia stayed away from focusing too much on any romantic elements. The spotlight was heavily on character development, unique Quirks, a well-structured story, and plenty of action. Ships of any sort can be a case made towards the end, where Deku and Uraraka's romantic subplot was given a little attention, but still subtly.
Otherwise, Deku and Bakugo each remain focused on what they do best—being Heroes. The most recent My Hero Academia Hero Rankings put Deku in 4th and Bakugo in 5th, clearly suggesting that the rivalry yet lives on. Both individuals grew up to be remarkable Heroes and with utmost mutual respect, are capable of protecting society.
Related links:
- Horikoshi turns Bakugo into the "best wingman ever" as he ships Deku with Ochaco in My Hero Academia volume 42
- My Hero Academia: Deku & Uraraka's romance overshadows Bakugo, explained
- Izuku and Ochaco's happiness becomes BakuDeku shippers' ultimate nightmare in My Hero Academia