Firstly, "what it is" is what it is. There is no elaborate hidden meaning. What it is-what's going on- what it do- what the lick read- what you on Joe-how's it hanging- what's the business, it varies by region, basically affectionate sincere concern for fellow kidnap victims.how are you doing, what's going on in your life, God please let be good.. We laugh at you educated white guys trying to interpret black culture as if it were the Rosetta Stone. Denied education for sooo long, early Africans in America used simplicity and common sense. Something our present culture retains. IT IS WHAT IT IS, is not vague,there is no grey area, no room for interpretation. It simply is as it appears to be. And "what it is" will never die, I used it today.