.. I had a friend in high school who would say this .. short for "What's happening?" .. saves one syllable and creates a noun .. actually it's use goes back to Shakespeare .. Hamlet at Ham IV.iii.70 "Howe'er my haps, my joys were ne'er begun."
Hey Man .. what's the haps?
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from Old Norse happ good luck; related to Old English gehæplic convenient, Old Slavonic kobÇ fate ... also a man's name.. Happ Walker .. my buddy in high school used to say "what's the haps?" .. like "what's happening?"