“Let them praise the name of God— it’s the only Name worth praising. His radiance exceeds anything in earth and sky;” (Psalm 148:13, The Message)
The name of God is the only name worth praising. This is because God is the highest being in the universe; there is no one and nothing greater or more worthy of praise than he. Indeed, Jonathan Edwards works out in his book The End for Which God Created the World, that God created the world for him to receive the glory and praise of which he is worthy because he is the supremely highest being. If we praise anything or anyone else, than our praise is misdirected, but when we praise God, we are doing both right (there is no one higher or more worthy that we could praise) and good (we are created to worship, and when we worship God, we are worshiping he whom we were created to worship).
This is also why it is right and good only for God to call for all creation to praise himself. When he does that, he is calling us/it to both do what we/it were created to do and calling us/it to the highest good—praising the most worthy being in the universe.
This is what the psalmist means when he writes that God is the only name worth praising.