Marvel’s Thor had been introduced as a part of the inter-dimensional civilisation in the MCU and Asgard’s technology, magic and power were really unfathomable for all the fans. Marvel had explained the backstory of Thor and all the other Asgardian Gods, and for very a long time, it had been theorized that there is something very weird and fishy about this realm called Asgard. All the fans have also theorised that the ‘Godhood’ of all the Asgardians is just a skilful illusion and complicated scam, that was perpetrated by Odin and Bor. It has been said that Odin is a very powerful deity and has a whole lot of secrets that are hidden away in Asgard. The old God had been a warmonger in his youth, and he had also built a kingdom on many that had fallen. Odin had been accompanied by Hela, his daughter aka, the Goddess of death who had been persecuted by Odin for courting war.
These Asgardians are called ‘Gods’ because they have a lot of much power, but maybe this term called ‘God’ is used not because of the fans’ limited understanding of the Asgardian’s biology and, but because the Asgardians have wanted to maintain this illusion of them being Gods.
But why would a good and all-powerful race of superbeings want to be called Gods? The answer is ‘secrecy’.
No one can ever dream of betraying a God, and if they do, no one will dare to break in the vault of any God, because only the ‘God’ knows all the horrors that are imprisoned and quarantined from the world.
The theory is that Odin’s vault in the MCU houses the heart of the whole universe and it is from these ancient artifacts that the Asgardians draw all their powers and abilities.
This explains why Bor and Odin had chosen to disguise as Gods in the MCU. This would have ensured their autonomy and also had allowed them to secure the most powerful artifact in the universe.
Let us end with what Valkyrie had said in the movie, Thor: Ragnarok:
“Your sister. Her power comes from Asgard, same as yours. When it grew beyond Odin’s control, she massacred everyone in the palace and tried to seize the throne. When she tried to escape her banishment, he sent the Valkyrie in to fight her back. I only survived because…Look, I already faced her once back when I believed in the throne, and it cost me everything. That’s what’s wrong with Asgard. The throne, the secrets, the whole golden sham.”