The Rambam says that a person should not be a big shot and refrain from dancing for a Mitzva. This seems to imply that by dancing, a person is (using the words of the Rambam): ַמ ְשׁ ִפּ ַﬠ לי ְצמוֹ וּ ֵמ ֵקל גוּ וֹפ lowering himself and lessening his own Kavod. Yet, in the previous Halacha, the Rambam states that the only ones who were allowed to dance during the Simchas Bais HaSho'eva in the Bais Hamikdash were the Gedolei Yisroel and Rosh Yeshivos, the Sanhedrin, Chasidim, Z'keinim, and Anshei Ma'aseh; not the Am’ei HaAretz or whoever wanted to join in. This sounds like dancing is a status! Is “dancing” a Bizayon or a Kavod?
The Rambam describes the person who “honors” himself (and doesn’t want to dance) as: ְו אֵטוֹחשׁוֹ ֶטה a fool and a sinner! We see from here that being M'vazeh yourself is indeed a Kavod, and whoever doesn’t do it is: אֵטוֹח ְושׁוֹ ֶטה a fool and a sinner! So if you’re looking for real Kavod, then be M'vazeh yourself for Kavod Shamayim! The Rambam brings Dovid HaMelech as an example of a person who was M'vazeh himself for Kavod Shamayim.
This is referring to the famous story when Dovid danced, and his wife Michal reprimanded him for acting inappropriately for a king. The Malbim explains that Dovid responded that Shaul HaMelech (Michal’s father) lost the Malchus because he was chosen by the people to be king, so forever the Kavod he gets is because of people; he needs their Haskama (endorsement) for everything he does.
But Dovid was picked by Hashem, and his Kavod is real and: ְפּ ִנ ִמייוּ ְת ִדיק genuine. He gets Kavod by realizing that he is a zero compared to Hashem, so he is: ֵמ ֵקי ל (lets up) on his Kavod when he dances: ה יֵנְפִל' before Hashem, i.e. “I’m a zero compared to Hashem, and by expressing this to Hashem, I get more Kavod.”