The ventilator only shows us airway pressure.
But airway pressure reflects pressure applied to the entire respiratory system:
The esophageal balloon estimates pleural pressure using esophageal pressure, or Pes.

Once we know pleural pressure, we can estimate transpulmonary pressure, or PL:
PL = airway pressure − pleural pressure
Practically:
PL = Paw − Pes
This matters because transpulmonary pressure is the pressure actually distending the lung.
So when we place an esophageal balloon, we are trying to answer:
Is the pressure I see on the ventilator actually stressing the lung, or is it being absorbed by the chest wall/abdomen?