The covenant was broken, the relationship was shattered and there was going to be some mighty atonement for the lark. They said we don't know what has become of this Moses so make us a god to lead us. After the calf episode is over. After the anger of God. After the anger of Moses.
Life goes on.
The promise remains. There is a condition. They must strip themselves of their ornaments. This is a light journey. This is a no frills life with God and Moses on the go.