What does Psalm 106:6-27 mean?

Both we and our fathers have sinned; we have committed iniquity; we have done wickedness. Our fathers, when they were in Egypt, did not consider your wondrous works; they did not remember the abundance of your steadfast love, but rebelled by the sea, at the Red Sea. Yet he saved them for his name’s sake, that he might make known his mighty power. He rebuked the Red Sea, and it became dry, and he led them through the deep as through a desert. So he saved them from the hand of the foe and redeemed them from the power of the enemy. And the waters covered their adversaries; not one of them was left. Then they believed his words; they sang his praise. But they soon forgot his works; they did not wait for his counsel. But they had a wanton craving in the wilderness, and put God to the test in the desert; he gave them what they asked, but sent a wasting disease among them. When men in the camp were jealous of Moses and Aaron, the holy one of the LORD, the earth opened and swallowed up Dathan, and covered the company of Abiram. Fire also broke out in their company; the flame burned up the wicked. They made a calf in Horeb and worshiped a metal image. They exchanged the glory of God for the image of an ox that eats grass. They forgot God, their Savior, who had done great things in Egypt, wondrous works in the land of Ham, and awesome deeds by the Red Sea. Therefore he said he would destroy them— had not Moses, his chosen one, stood in the breach before him, to turn away his wrath from destroying them. Then they despised the pleasant land, having no faith in his promise. They murmured in their tents, and did not obey the voice of the LORD. Therefore he raised his hand and swore to them that he would make them fall in the wilderness, and would make their offspring fall among the nations, scattering them among the lands.

English Standard Version (ESV)