During the era of the monarchy, a dangerous illusion took hold among the people. They developed a false sense of security, believing that the mere act of bringing sacrifices would act as a shield against any disaster, regardless of how corrupt their daily lives had become [רד״ק, אבן עזרא]. The prophetic message steps in to shatter this misconception, delivering a sharp divine warning. God entirely rejects empty, external rituals when they are disconnected from moral behavior. He makes it clear that the offerings brought to the Temple are unwanted because they are delivered by sinful hands.
The rejection targets the public gatherings and celebrations. The primary approach among commentators is that the refusal of these festivals and assemblies is not about the calendar days themselves, but specifically about the sacrifices offered during them. These are times when the people pause their regular lives to gather together in the Temple [מצודת ציון, שטיינזלץ, רש״י]. Though different terms are used to describe these gatherings, they refer to the exact same unified events [רד״ק, מנחת שי].
The intensity of God's displeasure is highlighted by a twofold reaction: He both hates and rejects these rituals. [המלבי״ם] draws a careful distinction between the two feelings. Hatred is the opposite of love, directed at corrupt practices that were invalid and unwanted from the very beginning. Rejection, however, is the opposite of choosing. It is directed at the sacred holidays that God originally chose and loved. Because of the people's ongoing sins, even these once-beloved times of gathering have become repulsive to Him.
This absolute refusal is even described in sensory terms. God declares that He will not smell the offerings, meaning He will not willingly accept the scent of the incense and burnt sacrifices presented during these large public gatherings [מצודת דוד]. The rejection is so complete that even if the people attempt to overcompensate by bringing extra, voluntary burnt offerings and meal gifts that they are not required to bring, it will be of no use. These extra attempts to appease God will not be received as a pleasing scent and will offer the people no protection at all [אבן עזרא].