I feel clear about the sense of this – the sense that the king’ll honor anyone if he has the right title. Like if Osric were a slug, he wouldn’t pay him much mind but if he were Lord Slug, the King would park his little slug chair at his own table.
However…I’m a little hung up on crib. A crib, according to etymology sources, was during Shakespeare’s time, mostly a reference to a manger or a cradle, that is, a place for a baby to sleep. Basically how we use it now.
Its broader sense – as in a place to live or stealing hadn’t yet really come in. So why “crib”? Is it a way to infantilize Osric? Lord Osric Slug.