Gravy is a sauce made from the juices of
meat or vegetables and enhances the flavour of a meal. In poorer times, to have
gravy on your meal is a sign that you have sufficient meat and vegetables to make such a nice meal. Hence the phrase "on the gravy train" meaning that ones life was well supplied with good things, usually money.
"It's all
gravy" therefore means that there is an abundance of good things in the given circumstance.
It should not be taken to mean that there is no problem or that a situation is liked, specifically. Those things may follow but are not necessarily connected.