Isaiah, in this passage, is speaking to a nation who has wandered from the path God had put them on. Not only had they wandered, but they found themselves wandering down a road that was leading to their brokenness, to pain, to frustration, and to a life that they had longed to leave behind in Egypt.
Isaiah tells of someone who is going to come and suffer on behalf of his people, in order to bring them back onto the path they were originally called to. Although there is a present truth in this promise, that God is going to redeem them and free them from their exile in Babylon, this was also a promise of one to come, who would free all of us from the exile that sin puts us into. What Isaiah is promising the nation is what Jesus fulfilled on the cross. A suffering servant, who gave his life on our behalf, to stop us from continuing to travel down a road of destruction, and to offer us a chance to come back to the path of life.
Humanity is hopeless in our pain and suffering, but Jesus became a suffering servant, which defeated sin, but also gives us hope in the midst of our pain and despair.