Rabbeinu Bachayei (explaining the pshat) and to some degree the Sforno hold that this is a prayer.
Just as G-d has shown his dominion by saving those that fear him and destroying those that rebel against him, let it be his will to do so in all the generations forever.
Rashbam says after they are settled in the land of Israel the kingdom of the Holy One Blessed Be He will be known among all the kingdoms.
Rashi to Gittin 8b defines Yishuv that is to say the settling of the land of Israel as consisting of 2 components.
To expel (evil) Gentiles (given the nickname star worshipers in later printed editions of Rashi to avoid destruction by the censors) and to settle Israel in it.
I believe Rashbam's words could be tied into a point I made in another discussion, namely, why Shimshon (Samson) according to the Midrash barely missed becoming Mashiach , see
http://jtf.org/forum/index.php/topic,73570.0.html .
When one exerts himself to obliterate evil Gentiles from the land of Israel and is successful, one makes G-d, king forever and ever and thus measure for measure, "deserves" also to be an earthly king.
How do I know that obliterating the evil Gentiles from the land of Israel makes G-d, king forever and ever.
Because it says in Tehillim (Psalms) 10:16 and also repeated in our daily prayers, "Hashem is king forever and ever, Gentiles have perished from his land". And see Rashi's commentary there, that G-d becoming king is the result of Gentiles perishing from the land.