The most useful observation about this card in practice is a detail of the picture, and it survives in both the older and the newer versions: the chains on the two small figures are loose. They could be lifted off. Whether or not any card-maker intended that, it is what generations of readers have made the card mean.
The dominant reading is bondage the querent is participating in: a habit, an appetite, a relationship, a job or a story about themselves that constrains them and that they are, at some level, choosing. The card is not usually read as external oppression. That is what other cards are for. What distinguishes this one is complicity.
A second reading, more common in contemporary practice than in older books, resists the moralising entirely and takes the card as embodiment, appetite and the physical world, desire treated as information rather than as a fault. Crowley's version pushes hardest in this direction. This reading is a genuine minority position and it is worth knowing it exists, because a reader who only has the condemnatory version will hand out unnecessary shame.
A third reading is material: money, contracts, and things that bind because they were signed.
Waite's reversed meanings run to the beginning of a release, the loosening of the chain and the recovery of will, which is the one place where the reversal convention gives a genuinely different and useful card. Readers who do not turn cards mark the same shift by what follows the Devil in the spread.