Moments of severe crisis often expose the complete helplessness of false beliefs. When a nation watches the very object of its worship seized as a spoil of war, the resulting humiliation is profound. The golden calf of Samaria faces this exact fate. The idol is captured and carried off to Assyria, though it is likely broken down first so its gold can be easily transported [אבן עזרא, רד״ק, מצודת ציון]. The capture of this idol parallels other tragic losses. It is taken away just as the people of Israel are forced into exile [מצודת דוד], or perhaps it is carried off alongside the imprisoned King Hoshea of Israel [מלבי״ם]. Another perspective suggests that the parallel calf in the city of Dan had already been exiled, and now the remaining idol in Bethel meets the exact same fate [רס״ג ברד״ק].
The captured idol is presented as a tribute to the king of Assyria, who is known as a king of conflict. This title reflects his reputation for constantly waging war against other nations, or it indicates his role as a tool in the hands of God to bring disaster and strife upon Israel [רד״ק, מלבי״ם]. Historically, this ruler is identified as either Sennacherib or Pul [רש״י].
As the idol is hauled away, the tribe of Ephraim bears the heavy disgrace of having served a powerless false god. This shame is specifically tied to their ancestor Jeroboam, a member of the tribe of Ephraim, who originally established the calf worship [רש״י, מצודת דוד]. Alternatively, the idol itself is seen as the literal embodiment of shame, which Assyria simply takes away from Ephraim [מלבי״ם].
Ultimately, the nation is left deeply ashamed of its own counsel. The primary approach among commentators is that this refers to the historical decision made by their ancestors, led by Jeroboam, to create the golden calves in the first place. As their center of worship is destroyed, this ancient strategy is exposed as a source of ultimate humiliation [רש״י, מצודת דוד, רד״ק, ביאור שטיינזלץ]. However, another view frames this as a more recent political failure. According to this approach, the people plotted to rebel against King Hoshea and hand him over to Assyria, hoping this would somehow protect their idol worship. Instead, their flawed plan backfired entirely, leading to the complete loss of the calf [מלבי״ם].