In at least one case - namely, the youngest daughter of British pop singer Steve Hart (b. 1972) and his wife Ashley Scott (b. 1977) - the name is a corruption of the phrase "I love you". In these cases, the name is essentially a name invented by the parents.
This name was popular throughout the English-speaking world in the early 20th century. It staged a comeback in the early 21st century, returning to the American top ten in 2017.