Songfacts®:

• The phrase "hats off" means to state your admiration for someone who has achieved something. The allusion is the custom of removing the hat as a mark of deference. Here, Lil Baby expresses his respect for honest and sincere people.
  
  Hats off if you keepin' it real
  It's so easy to fall victim to fake
• Lil Baby and Lil Durk recorded the song for their joint The Voice Of The Heroes project. The two rappers each adopt a persona for the album: Durk is the voice of the streets from his childhood nickname of "The Voice" and Baby is "The Hero," a nickname Durk gave him. Baby explains their characters during the chorus.
  
  Durk the voice 'cause he know just what to say
  I'm the hero, I come through, save the day
• The rest of the track finds Baby and Durk exchanging competitive verses about guns, drugs, money and rise to fame.
• Travis Scott closes out the track with a verse where he details life on the streets, including the consequences of crossing the gang.
• The dramatic beat is courtesy of:
  
  Chidi "Chi Chi" Osondu, whose other credits include tracks for Lil Baby ("On Me") and BRS Kash ("Throat Baby (Go Baby)").
  
  Chi Chi's frequent collaborator, Toronto beatmaker YoungTN. His breakthrough came with his co-production of Lil Baby's 2020 "Social Distancing" track.
• 16 out of the 18 The Voice Of The Heroes tracks debuted on the Hot 100. "Hats Off" was the highest entry, landing at #16.