In finite-dimensional quantum mechanics, we are free to assume that our Hamiltonian is traceless. We can define $H' = H - \mathrm{tr}(H)\cdot I$, and since \begin{equation} \exp(-iH't) = \exp(-iHt)\cdot\exp(it\cdot\mathrm{tr}(H)), \end{equation} we see that the dynamics driven by $H$ and $H'$ only differ by a global phase that we can ignore. I interpret this as meaning that we are free to rescale the energies of a finite-dimensional system such that they average to zero, without any measurable consequences.
If we want to play the same game for an infinite-dimensional Hamiltonian $H$ it needs to have a well-defined trace; I'm not much of a functional analyst, but I understand that this is effectively equivalent to the eigenvalues of $H$ forming a convergent series. For example, the hydrogen atom Hamiltonian has eigenvalues that scale as $\frac{1}{n^2}$, which will yield a converging sum, while the QHO eigenvalues diverge.
People often talk about the zero-point energy of the QHO but I've never heard reference to the zero-point energy of a hydrogen atom wavefunction - is this related to the traces (or lack thereof) of these Hamiltonians? And if not, is there any physical meaning associated with a Hamiltonian (or other observable) having a well-defined trace?