How do I disable lost mode on my iPhone 7?

That message says, in part, “Please return to Waypoint or call the number displayed. Waypoint Admins.” That wasn’t put there by Apple, but by whoever locked the phone, and strongly suggests that it is a phone belonging to a company.

Is Waypoint your employer? If so, why are you not contacting their IT Department for help?

If this is a second-hand iPhone and you have no association with Waypoint, you may have been sold an improperly prepared iPhone; maybe even one that was stolen from Waypoint. In any event, it sounds like you are not the original purchaser of the phone, in which case there is no chance that Apple will remove the Activation Lock.

try

Turn Off Lost Mode - Apple Community

I accidently put my iPhone on ‘lost mode’ on iCloud how do I turn it off? It just says pending? : r/ios

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How do I disable lost mode on my iPhone 7 - Google-

You likely purchased a used phone from someone, which was likely stolen. If you don't know who Waypoint is, you have a useless phone, you can't use and Apple nor anyone here can help you EVER use. That phone was surely managed under Mobile Device Management. Only the company who managed the phone can remove it. And if you weren't their employee they certainly won't help you. But they could report you to the police as possibly being in possession of a stolen phone.

Read this --> The All Too Common SAD Reality of Buying … - Apple Community

I accidentally did it also. I went to Find My Phone the light is on. My phone and I are home, but pretty sure

I’ve been grounded. Not allowed to touch to go in the Find My area.