From Msgr. Nicola Bux's article, More than Words: External Signs of Faith by the Celebrant
Faith in the presence of the Lord, and in particular in his Eucharistic presence, is expressed in an exemplary manner by the priest when he genuflects with profound reverence during the Holy Mass or before the Eucharist.
In the post-conciliar liturgy, these acts of devotion have been reduced to a minimum in the name of sobriety. The result is that genuflections have become a rarity, or a superficial gesture. We have become stingy with our gestures of reverence before the Lord, even though we often praise Jews and Muslims for their fervor and manner way of praying.
More than words, a genuflection manifests the humility of the priest, who knows he is only a minister, and his dignity, as he is able to render the Lord present in the sacrament...
The rest of the article is a short but excellent guide for priests on how to celebrate the Novus Ordo with the greatest possible reverence.