Simply the past tense of "It is what it is". However, you can now confirm that the statement of "fuck it" accurately described the situation at that time.
Employee A:
"I should have known that we were all in trouble last month when our boss responded to our concerns with, It is what it is."
Employee B:
"Yeah,I knew we were fucked and should have started looking for another job."
Employee A:
"Oh well, It was what it was."
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