Guitarist Walter Kosner formed The Walters after dropping out of Chicago's DePaul University, recruiting lead vocalist Luke Olson, rhythm guitarist/vocalist MJ Tirabassi, bassist Danny Wells, and drummer Charlie Ekhaus. The indie-rock band recorded "I Love You" for their independent debut EP Songs For Dads.

The song finds Luke Olson addressing his lover, as he tells her why he's ending their relationship. Though he still has strong feelings for his significant other (hence the title), he can't deal with her continually cheating on him. Now he's going to pack his bags, and he considers himself a fool for having stayed with her for so long.

Following Songs For Dads, The Walters independently released their debut album, Young Men, and went on their first national tour. The Chicago quintet announced their breakup in September 2017, after which Luke Olson started a solo career and the other members formed a new band called Corduroy. In late 2021, "I Love You So" went viral on TikTok, leading to a spike in streams. This prompted The Walters to reunite, sign a deal with Warner Records, and play some live shows. "People seem to relate with the lyrics and the mixed emotions of loving someone but knowing you have to let them go," the band said to Billboard of the single's success on the social media platform. "The universe works in mysterious ways. We had been talking for a while about getting in the studio or doing some shows together, the TikTok success was a sign for us that now was the time."