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Ah, verse 31 comes after that. Verse 31 says after they saw all that /God had done to the Egyptians and what He did at the Red Sea, they placed their faith in God and Moses.
Yet when the next trial came, What was their answer?
Then the whole congregation of the children of Israel complained against Moses and Aaron in the wilderness. 3 And the children of Israel said to them, “Oh, that we had died by the hand of the Lord in the land of Egypt, when we sat by the pots of meat and when we ate bread to the full! For you have brought us out into this wilderness to kill this whole assembly with hunger.”
Again, time and time again they did this same stuff. Said the same statement which proves they had no faith in god, and did not even think God resured them, they think Moses took them.
No credit to God. And no faith.
The golden calf is what they had faith in, They trusted the gods of egypt more than they trusted the god of abraham.