Loki does not consider himself a thespian by any stretch of the imagination, but there's no denying he's a performer. He always has been.

He seems mildly surprised to be applauded nonetheless. In earlier, more misbegotten days, he might have immediately demanded his audience kneel. But now, he has nothing to lose and nothing to gain except a few moments of incredulous annoyance from Thor, so he merely bows to Geoffrey, choosing to accept the accolades. Really, he feels he deserves them, anyway.