The psalmist calls God majestic. Such high praise is reserved for the best. God is impressive, beautiful, dignified, glorious. God is an all-impressive creator, and we are His favorite creation.
The same God who created a never-ending kaleidoscope of sunsets, oceans, jungles, and stars set apart sinful humans as His favorites. Psalm 8:5 says He has "crowned [us] with glory and honor," and we did nothing to deserve it.