Both I's

I dont get it. can someone please explain.

don't panic. The most useful phrase in the english language. Popularised by Douglas Adams in The Hitchhikers Guild to the Galaxy.----Urban Dictionary.

I get that part but what about the "two I's" part

Bruh where is there a 2nd I in there

There is no failed job here. I'm pretty sure there's a limit to how many characters you can have on a license plate, so this would be the best way to get the message across. People do it all the time.