One of my seminary professors opened every single class by having us recite this prayer together. It was a good reminder that we have all, each and every one, fallen short of the glory of God. We have all fallen short of his expectations. None of us are perfect, and it’s good to admit it on the regular.
It's kind of hard to believe that God Almighty, creator of heaven and earth, would deign to communicate with us. Yet, he has. And in prayer, he bends down low and listens close to hear what you have to say in return. Yes, he's the high king of heaven, but he's also a loving father who has adopted you and called you by name. He knows you, loves you, and cares about the details of your life. He wants to hear from you.