To me, this song is about a breakup that was inevitable - one of the people was pretty shitty/did something shitty and the relationship had to end.
Hence all the "I forgive you....wish you well.."
I think the "I've got no ultimatum" is basically saying that there's nothing that can save the relationship from crumbling, they're not even gonna bother to think up a solution or present an ultimatum. They just don't care. Also the excessive amounts of I forgive you's and wish you well's sounds like they're trying to drive the point home that there are no hard feelings.
To me, this song is about a breakup that was inevitable - one of the people was pretty shitty/did something shitty and the relationship had to end. Hence all the "I forgive you....wish you well.." I think the "I've got no ultimatum" is basically saying that there's nothing that can save the relationship from crumbling, they're not even gonna bother to think up a solution or present an ultimatum. They just don't care. Also the excessive amounts of I forgive you's and wish you well's sounds like they're trying to drive the point home that there are no hard feelings.