Rav Hirsch says on Noach 8:21 that this shows that this was a dedication of the entire creation to fulfilling Hashem's Will. As a result, it removed the curse that Hashem had placed on the Earth and showed that even if people failed in the attempt, the entire creation would not be lost. This is like Hashem promising not to wipe out all of Bnai Yisrael, because no matter how bad things get, the bechirah chofshis means that there will always be some people worthy of being saved.
וַיָּ֣רַח יְהֹוָה֘ אֶת־רֵ֣יחַ הַנִּיחֹ֒חַ֒ וַיֹּ֨אמֶר יְהֹוָ֜ה
אֶ expression of compliance
.ל־לִבּ֗וֹ לֹ֣א אֹ֠סִ֠ף לְקַלֵּ֨ל ע֤וֹד אֶת־הָֽאֲדָמָה֙ בַּֽעֲב֣וּר
הָֽאָדָ֔ם כִּ֠י יֵ֣צֶר לֵ֧ב הָֽאָדָ֛ם רַ֖ע מִנְּעֻרָ֑יו וְלֹֽא־אֹסִ֥ף
ע֛וֹד לְהַכּ֥וֹת אֶת־כָּל־חַ֖י כַּֽאֲשֶׁ֥ר עָשִֽׂיתִי:
Rav Hirsch translates אֶת־רֵ֣יחַ הַנִּיחֹ֒חַ֒ as expression of compliance
But Noach had the whole of future mankind before him, his offering
referred to all that which, in the course of time, was to be
accomplished by the whole of mankind to the final complete
satisfaction of hashem with Man, hence his offering was ריח הניחוח, an
indication of the complete compliance with Hashem's Will to which the
whole of Mankind is to mature on the freshly regained Earth, now
dedicated to be an altar of Hashem.
Rav Hirsch also addresses כִּ֠י יֵ֣צֶר לֵ֧ב הָֽאָדָ֛ם רַ֖ע מִנְּעֻרָ֑יו
and translates it not as because
but as even if
.
when the images formed by the heart of Man from his youth, neither
will I again smite any more every living thing
That is, even if the youth are dedicated to evil (so that there may be a reason to do this again), Hashem will not destroy the world again as the next generation in its rebellion against their fathers will go against the evil (as the time for each generation had decreased) because the world can be redeemed and would continue in the normal course of its cycles.
But as long as the bad ones reached their seven to eight hundred
years, a better youth did not get a chance. In this new shortness of
life, Hashem can make a generation die out quickly and a better one
grow up in its place. Since then, mankind can ever look forward, and
hope, and the future belong to youth.
...
If we add to this diversity of individuals, the still greater
diversity of nations, which the new arrangements for the earth
effected, and also the natural hindrance to communication brought
about by the division of the earth into continents and countries which
will only be (is being, I.L.) slowly overcome after thousands of
years; if we think how, thereby, for thousands of years no
degeneration spread universally over the world, and how, just as in
the quicker change of the generations in the individuals, so thereby
the wider development of the history of nations was started in which
nenations with fresh unvitiated powers always take theplace of
degenerated enervated ones: then, with this verse, everything is said
by which Hashem started a completely new phase in the development and
education of mankind. "If", says Hashem, "the endeavors of mankind
are bad, and even from youth are devoted to evil, I will not, -- as I
have done before -- for Man's own sake disturb the earth, and bring
about universal destruction, but will rather arrange that all the
contrasts of the times of days and years henceforth shall be present
and working simultaneously on the earth".