Radak: This has two meaning. (a) It is an expression of switching (Temurah) - "Im Hamir Yamir" (Vayikra 27:10). The middle letter of the root is not pronounced. (b) It is like "uvi'Chvodam Tisyamaru" (Yeshayah 61:6); the first letter of the root is not pronounced. It is an expression of aggrandizing. The verse means, did a nation switch its god, and did a different nation aggrandize a god (other than its god)? Even though they are not [real] gods, neither occurred. Each nation clings to its god.

Malbim: There are three Chidushim in this. (a) One does not switch his god. (b) Even a Goy (idolater) - a low level - does not do so. (c) He does not do so even though he could think to gain via this, for his current god is not a [real] god. The opposite applies to Yisrael. (a) They switched their G-d, (b) even though they are Ami (a higher level than Goy), and (c) they lose via this - Yisrael switched its honor for something that does not help! It is lowly to discard honor for benefit, but at least he benefits. To discard honor for something without benefit is great folly!

Rashi: It is what it used to be honored through it.