What we've seen so far is the US and its allies forcing Russia to pay a "price" for its adventurism. The value of this is both to act as a deterrent against future actions and to strengthen Ukraine's negotiating power when it ultimately surrenders.
I suspect that at a certain point everybody will be satisfied with the level of pain exacted, Ukraine surrenders, and Russia ends up with at least a large chunk of Ukraine.
But bombing so many civilians means after a while a tremendous loss as well.
It's just speculation and the hope would of course be Putin just getting out of Ukraine but Putin just has much less to loose besides his own death.
Feels like Europeans (namely Germany and France) will provide as little weapons as possible to exhaust Ukrainians so they get tired and surrender themselves.
Once Ukrainian public is ready, Biden will pressure Zelinsky. Biden has already said “we told him but he didn’t want to listen” hinting that he can throw Zelinsky under the bus if he doesn’t behave.
Surrender (“peace”) would be an awful option for Ukraine because Putin will regroup and in a couple of years launch a new assault on the remaining part of the country.
There won’t be mercy from him, judging by executions on occupied territory.