I think the word "narcissism" is a very appropriate one when describing how the JWs praise themselves.
In psychoanalytic theory, the impulse behind narcissism is a deep-seated insecurity about oneself. Consequently, in order to protect themselves from any kind of harm to their fragile ego, they over-compensate and then begin to actually believe the lie about their superior characteristics and abilities. Sad, really, that they miss the whole point about what it is to be human, and make themselves out to be superior to others.