The song was refers an incident that occurred after a Adele had a fight with a former boyfriend and she was running around the streets at 6AM aimlessly and she thought to herself what you are doing is chasing pavements.
Honestly, think about it every woman goes through this with her man. She debates whether or not is all worth it. Is it Love, Is it Lust, do I hate him, or can I live without him. Should I give up or keep walking around and think about it before I do something I regret later.