"IT IS, WHAT IT IS" slang or truly a life philosophy?

"IT IS, WHAT IT IS",  is popular saying these days, but what does it mean? What is it really saying?

Could the term be just another way of saying, "I give up." That one either feels they cannot or choose not to, deal with the situation?

Is it a way of saying a thing simply "can't be fixed or changed"?

Or, is there something much more profound about this statement?

Join(Listen, Call in and/or Chat) as we go live to hear the suprising results we got when placed this clinche in the light of THE REAL!