Justice demands payment for sins. But justice is also indebted to
victims of unjustified suffering. For these are the two arms of justice.
One arm demands payment for sin. The demands compensation for
unjustified suffering. As Peter noted in the 1Peter 2 passage, Jesus
suffered as an innocent victim of unjustified suffering. Thus justice
owed him a debt. With that debt Jesus paid for our sins. That is, the
debt of believers has been cancelled by Jesus' unjustified suffering.
The effect of the atoning work of Christ was to give us peace with God. Not simply peace of mind, but rather an ending of hostility between us and God whereby we were formerly enemies, but now family. God is now our Father. We have peace with God because our sins have been dealt with. Christ's death has saved us from a destiny of eternal suffering in hell fire. And he has saved us unto a destiny of eternal joy and peace in the presence of God. But not only that. Through his wounds we are healed of our innate sinfulness. Though we experience such partly in this life, to live in the presence of God one must be sinlessly perfect in a continuous sense. This is the fate of those who trust in the Lord. God will perfect us - our minds and hearts such that as we were saved from the judgment of sin, and as we are being saved from the power of sin, so we will be saved from the presence of sin.
And for whom did he die? Whose iniquity was place upon him, figuratively speaking? Was it for good and religious people that he died? He died rather for those who go astray. The hypothetical "Good" people will be saved by their own goodness, though we know that really "there is no one good but God" Mark 10:18 . But for the rest of us that recognize that we are sinners, we have Christ.