What is the authenticity and meaning of the Hadith: "A people will not be destroyed until they have excused themselves"?

The wording of the Hadith is: "People will not be destroyed until they are excused, or they excuse themselves." It was authenticated by Al-Albani and Shu'ayb Al-Arna'ut.

Its meaning is that Allah Almighty does not destroy people until their sins become numerous and they do not repent from them, thus deserving punishment, and Allah has an excuse for punishing them.

It was also said: They sin and then excuse themselves, thinking they are doing good, or until they remove their excuses by abandoning righteous actions after truth becomes clear to them, thereby establishing proof against them. This is supported by the statement of Ibn Mas'ud (may Allah be pleased with him), citing Allah's saying: "Then their plea, when Our punishment came to them, was only that they said, 'Indeed, we were wrongdoers.'"