It's not just saying, "Oh my God!" as an exclamation, it's saying directly to God, "Oh, my God, your love is unfathomable." It's actually addressing God by His holy name that is above all names.
David said it in many of his Psalms. Sure, it didn't have exactly the same connotations then than it does now, but it is still a proper way to address God. Similar to how you would address a human king as, "O, my king," or "O, my Lord."
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technically omg can stand for "oh my gosh" or something like that, not specifically "oh my god"
Waves of mercy waves of grace everywhere I look I see your face! Your love has captured me. OH(note the comma as in an address), my God this love how can it be! It is thanks for his grace and love.