Will Hashem be king over the entire land only then?!
Radak: When the nations who come against Yerushalayim will see the wonders, they will recognize that Hashem rules over the entire land 1 and supervises over living beings and does to them as He desires. He switches nature to do the desire of those who fear Him, for all are His hands' creation. Also Yonason translates 'His kingship will be revealed.'
Malbim: This is the Mashal of the water, that the entire world will recognize His kingship and unity. Until now there were nations that did not believe in His unity, and some say that there were two or more initial powers.
Melech is one that people accept to be their ruler; Moshel rules over people Bal Korcham (against their will). (PF)
Will Hashem be one only then?!
Rashi: Then all Nochrim will abandon their gods - "v'Ein Imo El Nechar" (Devarim 32:12). Radak - they will realize that there is no other god.
Malbim: Before, some believed in His unity, but they attributed partners to His conduct or name or Atzeiluso (an emanation 'copied' from Him.
Why does it add "u'Shmo Echad"?
Rashi: Everyone will mention His name.
Radak: People will not mention the name of any other god - "ba'Yom ha'Hu... Achris Es Shemos ha'Atzabim Min ha'Aretz v'Lo Yizachru Od" (13:2).
Radak citing Ibn Ezra: This refers to Shem ha'Meforash - His four-letter name. Then, it will be pronounced like it is written (Yud Kei Vov Kei, and not like we do now, with Aleph Dalet). Radak - also the Rambam says that it refers to Shem ha'Meforash. All other names attributed to Him are based on attributing actions to Him, or descriptions of His perfection. Since there are many such names, some people thought that He has many descriptions, like the number of His actions 1 . Therefore, the verse teaches that when the time comes, people will understand, and this doubt will depart. Just like He is one, He will be called one name alone, which refers to Him Himself.
Malbim: All will believe in His unity, His special Hashgachah and conduct, and His kingship. Shem Havayah will be pronounced like it is written. All other names are based on different conducts - Mispar, Chesed, mercy - in the future there will be one simple conduct.
What is wrong with this? He is the Creator, the One who feeds the world, the Judge, the Redeemer...! Perhaps due to this, people erred about His unity. (PF)