This passage speaks of Zion, which was faithful but now unfaithful, would be restored by God.
The city that was faithful is now unfaithful
Zion was once a faithful city but at the time of the writing, it had become filled with wicked business practices and injustice. The leaders, in particular, were corrupt, rebellious to the law of God and exhorters.
The description of princes of that time does fit the characteristics of leaders of today. The vices described in verse 23 seem to be at the root of every ineffective government.
God will restore it to faithfulness and the sinners will face destruction
Because of the state of Zion, God said that he would purify the city and restore its justice system. God would not forsake the city.
Verse 27 stood out for me. The literal translation says, “Zion, with right judgment, shall she be ransomed, And her restored ones with righteousness.” It seems to imply that for a society to be transformed, then the justice system needs to be fixed.
The restoration of the city will be accompanied by the destruction of the sinners. Verse 31 says, “And the safeguarded one will become tinder, And his contrivance a spark; They will blaze up, the two of them together, And there will be no one to quench it.” Often the sinners’ own practices end up destroying them.