It works as a dummy/empty subject (sometimes as an ambient subject) and it usually goes with a limited set of verbs. It´s used to make statements in general.
This following site presents the sentences:https://www.thoughtco.com/dummy-it-in-grammar-1690414(8c) I like/enjoy/hate it here.
It doesn´t include "I love
it" but it´s the same case of "like/enjoy/hate", all in general terms. You wouldn´t say or write
"I love it
that car." because it´s a specific thing, so it´s not an "empty" subject at all.
You can interchangeably use "I love it when" vs "I love when", more often than not; so both forms would be acceptable: "I love it when you call me senorita" and "I love when you call me senorita."
Perhaps the first make an impression, but one could use it in normal ways, just because he/she is in the mood for. It´s idiomatic and widely used as well.https://dictionary.cambridge.org/pt/gramatica/gramatica-britanica/pronouns/it