What does Proverbs 29:3 mean?

Parents want their children to succeed. They also wish their children to be honorable; no parent hopes their children will become shameful or disgraceful. The book of Proverbs gives warnings about life choices for the sake of those making the decision (Proverbs 3:33–35; 22:4), but also so they don't embarrass their family through their sin (Proverbs 10:1; 27:11). Godly wisdom (Proverbs 1:7) is partly reflected in the company we choose to keep (Proverbs 13:20; 22:24; 28:7). Embracing or encouraging depravity—being a "companion" to it—is morally embarrassing.

The parable of the prodigal son describes a man who embarrassed himself, in part, by carousing with immoral people (Luke 15:11–13). That brought miserable consequences, including the loss of all his money. At the lowest point in his life, he decided to return home and beg forgiveness (Luke 15:14–16). The prodigal's patient, loving father celebrated that return. Because the son had wisely chosen to return home, his father rejoiced over his son's return (Luke 15:17–24). On the other hand, the young Jesus increased in wisdom and was respectful of His earthly parents (Luke 2:52). He must have given Joseph and Mary (Matthew 1:16) much joy.