To me the connection between the golden ratio and beauty is tied to iterated function systems, and fractals. I feel like it boils down to efficiency of representation of a larger system. If a complex, balanced system can be represented efficiently by a small number of values, variables, and operations, then it's favored by the universe somehow, and by our mind's eye. It "snaps into place" more easily, it aligns with itself, and therefore our conception of it is also performed with less work, more "naturally."
The golden rectangle and spiral represent this best to me. The whole is found in the parts, infinitely, the further you iterate, like looking down a well and seeing all the way to the bottom. It's gratifying to conceive of more by doing less. I wish I were better with words, but I do feel φ's beauty somehow boils down to efficiency of representation.