What is the meaning of Allah Almighty being Praised in His essence?

"The one praised intrinsically" is Allah, glorified be He. He is deserving of praise in every circumstance, regardless of His benevolence towards His servant.

In brief, from the words of Ibn al-Qayyim, the name "al-Hamid" (the Praiseworthy) is more profound than "al-Mahmud" (the Praised). Al-Hamid is the one who possesses attributes and reasons that necessitate praise; He is praiseworthy in His essence, even if no one praises Him. As for al-Mahmud, He is the one to whom the praise of those who praise is directed. This is similar to "al-Habib" (the Beloved), who is beloved in His essence and attributes, whether people love Him or not, whereas "al-Mahbub" (the loved one) is someone loved by others.

All perfection reverts to praise and glorification. Praise entails commendation and love for the one praised. Allah, glorified and exalted be He, possesses absolute perfection and all benevolence. He is most deserving of praise and love from every perspective, and He deserves to be loved for His essence, attributes, actions, names, and benevolence.