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1.
Simply the past tense of "It is what it is". However, you can now confirm that the statement of "fuck it" accurately described the situation at that time.
Employee A:

"I should have known that we were all in trouble last month when our boss responded to our concerns with, It is what it is."

Employee B:

"Yeah,I knew we were fucked and should have started looking for another job."

Employee A:

"Oh well, It was what it was."
by KFA May 16, 2009
 
2.
This word is similar to it is what it is except it means that you are done. You can't change the situation, so there is no need to worry about it or waste any more time with it and you have moved on.
Girl 1: I am sorry that you and Brad broke up.

Girl 2: Oh no biggie, it was what it was! I am past him now!
by binkie102 December 15, 2008