Gerald H. Wilson observes that translating 'abarek as "I will praise" instead of "I will bless" may show "a hesitancy to accept that humans are able to bless God, who is complete and ineffable in himself."
He goes on,
The Hebrews, however, frequently speak of humans doing just that--blessing God. They had no difficulty in conceiving that humans could do more than simply express the awe and wonder of God's person and deeds that constitute the heart of praise. The Israelites understood that grateful humans desire to give to God something more than laudatory praise, and that is what blessing is all about--the desire to heap good and benefit on the one blessed.
We may debate theologically over whether these expressions of blessing have any effect on the complete, immutable God, but we cannot deny the ardent desire to give good to God that these expressions represent. To translate brk as "praise" deflects and obscures the issue and ultimately waters down the intent and purpose of the original Hebrew (Psalms: Volume 1, NIV Application Commentary, 310-11).
Does the sovereign, simple, immutable, impassable God receive anything from us when we bless him? Yes. Ultimately, what we give to him is what he has given to us. Yet it is not simply what he has given to us. We do not received gifts from God, say "thank you," and then turn around and hand it back to God still in its packaging. We bless God with what he has given to us with our lives poured into it. We give to him what he has given to us planted, watered, and bearing fruit. We give what he has given to us with more of the glory unpacked and revealed through us.Yes, we do bless God, and that, too, is amazing grace.