The exile and enslavement of the Israelites in Egypt served as a direct continuation of the patriarch Jacob's earlier exile in Aram [ביאור שטיינזלץ]. When the time for redemption finally arrived, God delivered the people from their harsh slavery and granted them great wealth. He orchestrated this massive rescue through a prophet, Moses. Following their escape, God used this same prophet to ensure the Israelites were fully protected and sustained throughout their forty years of wandering in the desert, leaving them lacking nothing.
The primary approach among commentators is to view this historical reflection as a sharp and pointed rebuke. God reminds the nation of the immense kindness He extended to them through a prophet in the past, specifically because in their present state, they despise the prophets and mock their messages [רש"י]. By recalling this history, God highlights His continuous care while exposing the deep ingratitude of the people, who now deny His guidance and anger Him by engaging in idol worship [רד"ק, מצודת דוד].
Conversely, a completely different perspective frames this history not as God's rebuke, but as the people's own defense for worshiping golden calves [מלבי"ם]. According to this approach, the Israelites argued that they required a physical medium to connect with God, just as their ancestors demanded a golden calf in the desert when Moses delayed coming down from the mountain. They pointed to the historical reality that God used a prophet to lead and protect them as definitive proof that God Himself employs intermediaries to channel His goodness into the world. Through this logic, the people attempted to justify their reliance on the golden calves as necessary tools for receiving spiritual blessing.