I think it is someone who thought all they need is love to make them happy and make them smile but they were wrong, and in this song are sort of laughing at the idea of it and mocking "love" as if it were a person (Mr. Love)... furthermore, I think that personifying Love here is an important factor as it parallels the idea of thinking a person (perhaps the one you love) could make you happy and fix everthing. Bottomline: you can't expect to find pure happiness in a person, not even in love.
I think it is someone who thought all they need is love to make them happy and make them smile but they were wrong, and in this song are sort of laughing at the idea of it and mocking "love" as if it were a person (Mr. Love)... furthermore, I think that personifying Love here is an important factor as it parallels the idea of thinking a person (perhaps the one you love) could make you happy and fix everthing. Bottomline: you can't expect to find pure happiness in a person, not even in love.