Or HaChaim on Exodus 32:25/אור החיים על שמות ל״ב:כ״ה

1 כי פרוע הוא, for it was out of control, etc. The Torah means that the people had forfeited the protective cover of the שכינה which had hovered over them since the revelation at Mount Sinai.

2כי פרעה אהרון, "for Aaron had let them loose." Perhaps the Torah means that having heard Aaron's answer Moses was now certain that the fault was entirely the people's seeing that Aaron's part in the debacle had been quite incidental. The real fault lay with the people who had contributed their gold, and the sorcery which had subsequently been performed with that gold. The literal meaning of these words then would be that by his explanation Aaron had let loose an accusation at the people.

3לשמצה בקמיהם for a derision among their enemies. Any small measure of an abomination is called שמץ. Our sages in Sanhedrin 102 state that ever since the episode of the golden calf any punishment the Israelites face for any sin committed since, contains some small part of the punishment which had not been administered at the time they committed that sin. It may also mean that whenever the nations display hostility against the Jews one of their arguments of our unworthiness includes a reminder of the sin of the golden calf this nation had become guilty of.