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Peter had changed into Spider-man as he began to swing over New York, with the Ring of Truth on his finger and the notes with his wallet and other stuff. As he swung and enjoyed the feeling of the wind in his face (through the fabric of his mask), he couldn't do anything but speak. Or in this case, quote a very famous movie which was popular. With young women especially.
"I'm the King of the World!" said the hero, who didn't know the truth of the matter as reality started to warp around him. Being as it was not specifically about him, Peter didn't change. What had changed was his space in the changing universe.
There were two major types of kings or monarchs, a constitutional one and an absolute one. Queen Elizabeth the Second was the former, King John was the latter of the same country. Also there was the image of the absolute monarch. The truth was even the most powerful and/or tyrannical monarch had their powers challenged. Mostly by the nobility, but sometimes like in France by angry commoners with pitchforks and torches. The image, however, was of a king who could do anything he wanted and people had to do it.
So the ring had wiggle room...
So Peter Parker had become the head monarch, or leader, of every country in the world. Either the literal or figurative leader of the governments and armed forces of the world. Also the world now knew that Peter Parker was King of the World... and Spider-man. As it only changed Peter's place in the world, not the world type of modern world it was. If the English royals had the papers after them, what would the heir to King Richard and Queen Mary Parker would have. Even under the normal life Regent Ben Parker had tried to provide.
So when Prince and now King Peter Parker had been bitten by a radioactive spider and given superpowers, his secret identity was the world's worst kept secret. It also meant he had a super-force of secret service-like force from S.H.I.E.L.D. devoted to protecting his love ones, with tech aided by citizens like Reed Richards, Tony Stark and Victor Von Doom. As well as magic from people like Doom and Steven Strange.
The question as Peter swung, not knowing his personal guard was watching him as they prepared to step in when he needed them most, was what kind of Monarch he was...
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