You became the best nation that emerged for the people; you order recognized norms, deter from evil, and trust/acknowledge God. If the people of the book acknowledged, it would have been better for them; from amongst them are acknowledgers, but most remain wicked.
Translation endnotes
[3:110] The verse does not limit the addressee to the era of prophet Muhammed; all monotheists, all submitters to God alone fit the description.