"I love that for you"

What does this phrase mean? I'm curious what you all think. I've been hearing this phrase more frequently in the last five-ish years (in US).

I've typically assumed that it is a condescending in the same way that "that's nice" or "cute" can be. As though it's really: "I love that for you [not for me or "normal people" though]". But I've heard people use it in a way that comes off as genuine to me. I know that its meaning is tone dependent (ugh) and I never use it because of the ambiguity. I'd just say "I love that" instead, adding the "for you" seems unnecessary or implied anyway.