54 The word is difficult to interpret. There does not seem to be enough evidence to justify the ’s translation “naked.” It appears to mean something like “let loose” or “lack restraint” (Prov 29:18). The idea seems to be that the people had broken loose, were undisciplined, and were completely given over to their desires.
55 The last two words of the verse read literally “for a whispering among those who rose up against them.” The foes would have mocked and derided them when they heard that they had abandoned the God who had led them out of Egypt (S. R. Driver, Exodus, ).

In other versions

And when Moses saw that the people had broken loose (for Aaron had let them break loose, to the derision of their enemies),

Moses saw that the people were running wild and that Aaron had let them get out of control and so become a laughingstock to their enemies.

Moses saw that the people were out of control, for Aaron had let them get out of control, making them a laughingstock to their enemies.

Moses saw that Aaron had let the people get completely out of control, much to the amusement of their enemies.

And Moses saw the people, that they were running wild because Aaron had allowed them to run wild, for a laughingstock among their enemies.

And when Moses saw that the people were naked; (for Aaron had made them naked unto their shame among their enemies:)

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