The phrase brings a number of thoughts regarding our walking in the steps of Jesus.
The challenge is understanding the application of this phrase as used in its context by Peter.
The idea of Jesus leaving us an example that we might walk in His steps is often used in application to love, compassion, forgiving, teaching, etc.
The use of this phrase in context carries another thought and not one that is the most appealing to pursue.
Peter is clear that Jesus suffered, leaving an example for us to follow in his steps.
The book of Peter is one that acknowledges the need for Christians to be prepared to suffer, not to be surprised when suffering occurs, and to know that when they suffer as Christians they are blessed.
When we sing “Oh To Be Like Thee,” would our hearts carry a different tune if we knew that we were asking in song to suffer as Jesus suffered?
The student when fully trained will be like the teacher. Will our training involve suffering for the cause of the Lord? Are we willing to be like Him?