Radak: Even though "b'Chol ha'Aretz Mishpatav" (He conducts the entire world), He is our G-d and we are His nation.

Radak citing Shocher Tov: "Hu" is used five times for evil, and five times for good - "Hu Hayah Gibor Tzayid", "Hu Esav Avi Edom" (Bereishis 9:10, 36:43), "Hu Dasan va'Aviram" (Bamidbar 26:9), "Hu ha'Melech Achaz" (Divrei ha'Yamim II, 28:22), "Hu Achashverosh" (Esther 1:1). For the good are here, Hu Avraham" (Divrei ha'Yamim I, 1:27), "Hu Aharon u'Moshe" (Shemos 6:26), "Hu Ezra Alah mi'Bavel" (Ezra 7:6), "v'Hu Yechizkiyahu Sasam Es Motza Meimei Gichon" (Divrei ha'Yamim II, 32:30)/

Gra (Divrei ha'Yamim I, 16:14): Even though He is our G-d, "b'Chol ha'Aretz Mishpatav."

Malbim: Via His wonders you will understand Him and see that He is Elokeinu. The pronoun shows (a) that He has a connection with us, and (b) His special Hashgachah. Even though His essence cannot be fathomed, "b'Chol ha'Aretz Mishpatav" and He is known via His Mishpatim and conduct.