You know how "it's" is basically a shortened version of "it is"? So replace "it's" with "it is" and you get "it is what it is". This version just sounds a bit more fun.
Person 1: Today at school, someone said I looked like white obama.
Person 2: Well, I mean, it's what it's.
Person 1: Huh?
Person 2: You know how "it's" is short for "it is"?
Person 1: Oh, I thought you were having a stroke.
A final solution to a situation, usually after much deliberation, and a final acceptance of that fact. It can be giving up on expecting someone to show up, or as it's typically used amongst The Mafia, a death sentence.
The simplest definition is: a ultimate, final acceptance. Period. Past all points or avenues of trying to change the situation. Gun at your head, you're done crying, he's not hearing you out. It is what it is. Get on with itmotherfucker!
Frank Sheeran: "Tony told the old man to tell me to tell you... 'it's what it is'"
Jimmy: "What it is?"
Frank: "It's what it is."
Jimmy: *sniffling* "They wouldn't dare"
or
Tim: "The pharmacy won't process my refill. I tried everything."
Nick: "Not even for tomorrow?"
Tim: "It is what it is. I'm out of ideas."
What will happen will happen, no matter how much you worry and overthink it. You can’t control what will happen. So sit down and let fate do their work. You say that to calm yourself from overthinking.
Me: “what if they hate me? What if they don’t like me? What if I’m not good enough? What if they leave?”
Also you after 1 Hour breakdown : “it’s what it is”