I love these verses because they show the goodness of God in His amazing gifts to His children.
Look at the gifts mentioned (some of these may share aspects, but they are still all mentioned separately here):
"he saved us"
"the washing of regeneration"
"renewal of the Holy Spirit"
"hope of eternal life"
Why does He do this? The above passage tells us that it is according His mercy and grace.
Praise the Lord!