Usually said about something that has no frills, not perfect, more than a little to apologize for (but probably NOT delineated), not much to be said for it, but offered for face value.
"Is the 1969 Nova you're offering to sell for $150 a pretty good car?"
"Well, it is what it is."
Refers to pricing of items for sale. Generally implies that the marked price is higher than the item is worth for marketing reasons (to get a higher discounted sale price), or raised due to high demand (gouge price).
Some sale! These prices are all jacked up!
The car price is jacked up $3000 over list because no one has any left on the lot!
To show disinterest, to exhibit a Cavalier attitude, or to show irreverence.
"I told him that the framus was bent, and all he did was blow a smoke ring!"
"I warned her that Teddy would leave her for good, but she just blew a smoke ring."