1. Humble
resignation to the circumstances of a situation that are beyond your control.
2. Euphemism for having little
regard for
outcome of a situation that will have a negative effect on those around you.
Example 1. It is
a shame that
Jimmie has left, but it is what it is.
Example 2. It's unfortunate you had to
work late last night, but you know, it is what it is.