What is the context of revelation for this āyah?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. The people of the Days of Jāhiliyyah, when they gathered during the pilgrimage season, would mention the deeds, days, and lineages of their ancestors in Jāhiliyyah, boasting about these matters. This meaning has been narrated from al-Ḥasan, ʿAṭāʾ and Mujāhid.
2. The Arabs, when they spoke or conversed, would often say, "By your father, they surely did such and such," on account of which this verse was revealed. This has also been reported from al-Ḥasan.
3. When they completed their rites, a man would stand at Minā and say, "O Allah, my father was generous with his cauldron and had much wealth, so grant me similar to that," without mentioning Allah. He would only mention his father and ask to be given of this worldly life. [Al-Suddī]