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It's Look Who It Is 

When you see someone you know
Person 1: "It's look who it is!"
Person 2: "So true"

It's What It Is 

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 it motherfucker!
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."
It's What It Is by masheteemirage November 28, 2019

It’s what it is

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
It’s what it is by Overthinker February 11, 2021

it's look who it is 

whenever someone is approaching with a menacing aura you say its look who it is
ah hell na bro waloogi is approaching
"it's look who it is"

It's look who it is 

Used when you see someone you know, and can also be used when referring to yourself.

Term coined by Twitch streamer and youtuber Simpleflips.

Outshout to Fimpleslips
Examples

Look who it is, it's look who it is.
Let me up, it's look who it is.

when the corn is past it’s prime 

simple, when taylor’s cooch is so far up, you can smell the corn!
hey pooh! look at taylor, that corn is coochie! when the corn is past it’s prime