Comes from the 1940's song by Fats Waller, "All That Meat and No Potatoes." The phrase refers to a
physically attractive woman with an
otherwise nice figure "all that meat", but who is proportionally small breasted, "and no potatoes".
All that meat and no
potatoes
Just ain't right, like green
tomatoes.
Here I'm waiting, palpitatin',
For all meat and no
potatoes.