The shattering of false illusions brings inevitable mockery upon those who nurtured them. The prophet captures the collapse of deceptive visions through the striking image of a flimsy partition coated in plaster. This structure connects back to a previously mentioned barricade [מצודת ציון]. Naturally, when a wall caves in on its own, whatever coating was applied to its surface cannot possibly survive [מלבי״ם]. On a deeper, symbolic level, the crumbling of this structure represents the actual breaching of Jerusalem's physical defenses. Once the city's true walls are broken, it will serve as undeniable proof that the metaphorical wall of promises has completely collapsed as well [רד״ק].
When disaster finally strikes, a taunting question will be leveled at the people, asking what happened to the plaster. This is essentially a demand for an explanation, asking where the lasting peace is that was so confidently promised [רש״י]. Another perspective suggests that this inquiry exposes the absolute pointlessness of the lies. Once the false prophecy is proven wrong, it becomes obvious that all the beautiful rhetoric and smooth talk used to cover up a fragile reality offered no real benefit [מצודת דוד].
Interestingly, the focus remains entirely on the plastering rather than the actual construction. This might simply be a brief way of speaking, but it also points to a grim reality. The original builders of this false wall, the false prophets themselves, will be wiped out during the destruction. Consequently, the mocking question will be directed at the surviving Israelites, the very people who participated in the act of plastering and hiding the truth [רד״ק].