I hear the phrase "it is what it is" a lot these days. I like it. The words strike me as an attempt to express a minor epiphany. The speaker is announcing in a casual way that they accurately perceive an unchangeable reality and have accepted it as such. There's no defeat implied, it's just an articulation of consciousness doing its thing.
To me, this represents the injustices of this planet. An evolutionary step forward from "c'est la vie," which implied a weary, apathetic resignation. The ‘please bend me over and f*&k me again’, if you will. Another phrase I've been hearing quite often is, "it's all good." This one really bothers me. A quick look around would indicate that "it" is not even remotely "all good." This in my mind represents the state of world we live in.