Refers to pricing of items for sale. Generally implies that the marked price is higher than the item is worth for marketing reasons (to get a higher discounted sale price), or raised due to high demand (gouge price).
Some sale! These prices are all jacked up!
The car price is jacked up $3000 over list because no one has any left on the lot!
To show disinterest, to exhibit a Cavalier attitude, or to show irreverence.
"I told him that the framus was bent, and all he did was blow a smoke ring!"
"I warned her that Teddy would leave her for good, but she just blew a smoke ring."
Usually said about something that has no frills, not perfect, more than a little to apologize for (but probably NOT delineated), not much to be said for it, but offered for face value.
"Is the 1969 Nova you're offering to sell for $150 a pretty good car?"
"Well, it is what it is."