An absolute declaration of God's uniqueness and exclusive rule establishes Him as the sole King of the world [ביאור שטיינזלץ]. Because His nature is entirely unmatched, no person can ever truly evaluate or grasp the depth of His thoughts [מצודת דוד].
When expressing that no one compares to God, a mistaken idea might form. A person might think that while there is no god as great as Him, there could perhaps be a smaller, secondary divine being. To completely remove this possibility, it is made clear that there is absolutely no other divinity besides Him, not even among the beliefs held by the nations of the world [רש״י].
This reality is supported by the collective memory passed down to humanity. The certainty of God's power is rooted in everything that people have heard. This refers to the continuous knowledge a person gathers throughout their entire life [רש״י]. It also points directly to the incredible events themselves, focusing on all the wonders and mighty deeds of God that have been shared and remembered over time [מצודת דוד].